The House of Representatives on Monday commenced work on the 2022-2024 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) as lawmakers interacted with critical stakeholders in the country on their projections for the period.
The one-week interactive session with Ministries, Departments and Agencies (MDAs) of government organized by the Chairman, House Committee on Finance, Rep. James Faleke, was declared open by Speaker Femi Gbajabiamila.
Some of the lawmakers at the session included the Chairman, Committee on Customs and Excise, Rep. Leke Abejide; Chairman, Committee on Drugs and Narcotics, Rep. Francis Agbo; and Rep. Sergius Ose-Ogun.
The Speaker, who was represented by the Majority Leader of the House, Rep. Alhassan Ado-Doguwa, while declaring open the session, noted that the MTEF/FSP would have a direct impact on the 2022 Appropriation Bill, as well as the ability of the lawmakers to deliver on their promises of governance.
“It is, therefore, important for all of us to recognise and be guided by the fact that our gathering here today is of great strategic importance to our country’s future”, he added.
The Speaker set the ball rolling by imploring the stakeholders and Nigerians to be practical and be aware of factors to hinge their expectations on.
He said: “As we are all aware, the Covid-19 pandemic has had a significant disruptive effect on the global economy. Countries all over the world have experienced economic contraction with different levels of severity.
“Our situation has of course been compounded by other factors unique to society. The consequence of these developments is that our ability to pursue a robust development agenda has been severely constrained. However, the fact of this new reality does not absolve us of the obligation to do all that is necessary to achieve our nation’s most pressing development objectives.
“More than anything else, this moment requires us above all to engage in an honest assessment of the local and international economic dynamics that underpin our decisions about budgeting, spending, and strategic planning. It is not in the best interest of Nigeria, and it does not serve the government’s agenda to make plans based on projections that are unlikely to come to fruition.
“We cannot make projections and commitments unless we are reasonably certain that we can achieve those projections and deliver on the commitments we have made”.
Gbajabiamila, however, left no one in doubt on the determination of the House to be conscientious about its responsibility to the Nigerian people, saying, “The legislature is, by constitutional imperative, the keeper of the public purse.
“In this capacity, the House of Representatives have the responsibility and the authority to act on behalf of the Nigerian people, to ensure that our collective resources are efficiently managed in service of the public good. Let no one be in any doubt of our commitment in the 9th House of Representatives to live up to that responsibility by exercising the full extent of our authority as it relates to the appropriations process and oversight”.
He also enjoined stakeholders to display commitment toward the exercise, adding, “As such, I ask that all of the ministries, departments, and agencies of government commit to working with us in a collaborative process in the best interests of our people.
“Let us also endeavour to ensure that our engagements here today, and going forward, are grounded in a shared determination to help our beloved nation reach its promise of peace and prosperity for all.”
On his part, Finance Committee Chairman, Rep. Faleke, who chaired the session, explained the essence of the interaction.
He said: “In line with the Fiscal Responsibility Act 2007, the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF & FSP) with a three-year plan is a major feature of the annual budget preparation cycle which provides the basic estimates and assumptions for the annual budget. It provides guidance to Federal Government Ministries, Departments and Agencies (MDAs) in the formulation of policies and selection of projects and programs to ensure economic development.
“Pursuant to Section 11 of the Fiscal Responsibility Act 2007, the President Federal Republic of Nigeria laid the MTEF/FSP before the National Assembly on 8th July 2021 for legislative exercise.
“The 2022 budget estimates will be derived from the MTEF/FSP, which comprises the government’s plan to accelerate our economic recovery process, promote social inclusion and strengthen the resilience of the economy.
“This has become necessary in the face of supply chain disruptions and heightened uncertainties occasioned by the COVID 19 pandemic, especially with the renewed wave of the prevalent Delta variant not only in our country but across the world”.
Also at the meeting were the Minister of Finance, Budget and National Planning, Zainab Ahmed; Director General (DG), Budget Office of the Federation, Ben Akabueze; Comptroller-General, Nigerian Customs Service, Col. Hameed Ali (Retd.); and the representatives of the Central Bank of Nigeria (CBN).
