Business & Finance

Senate stops work on 2017 budget, summons Buhari’s ministers

Kemi Adeosun and Udo Udoma
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The Nigerian senate has halted work on the 2017 budget and summoned Buhari’s ministers.
Work on the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) have been suspended. Budget and Planning Minister, Udoma Udo Udoma, as well as Finance Minister Kemi Adeosun have also been summoned to brief the Senate leadership on key areas of the documents.

Among other things, the Senate is also requesting the draft copy of the Medium Term Development Plan, upon which the 2017-2019 MTEF is based. It is also seeking a comprehensive report on the implementation of the 2016 budget as at September 30, 2016.

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“All fiscal rates, taxes, charges used to drive the projected revenue in the 2017-2019 MTEF. A report on the structure/composition of the debt, funding, sources, how the borrowed funds are to be spent, as well as repayment plan and schedule,” a letter from the Senate dated 19th October said.

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