Business
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PRESIDENT Muhammadu Buhari has signified that he is ready to present the 2017 appropriation bill before a joint session of the National Assembly.
The document, according to the Presidency, was given accelerated consideration and approval by the Federal Executive Council, FEC, chaired by Buhari at the Presidential Villa, Abuja, on Wednesday, November 30.
Udoma Udo Udoma, minister of Budget and National Planning, while briefing State House correspondents said President Buhari would soon write the leadership of both chambers of the parliament proposing a date when he would present the fiscal document. He did not disclose details of the document.
But according to him, the lawmakers would decide the date for presentation.
“The budget has been approved by the Federal Executive Council and the details will be revealed when the president presents the budget to the National Assembly,” he said.
“With respect to implementation of the 2016 budget, we have revenue constraints. We have paid all personnel in full. We meet all our personal emoluments in full.”
Explaining the controversy that trailed the submission of the Medium Term Expenditure Framework (MTEF) by the presidency, which was returned by the Senate, Udoma said the MTEF was a very well prepared document after extensive consultations.
“We consulted the private sector and Non-Governmental Organisations, NGOs,” he said.
According to him, the assumptions of that MTEF were true and correct as of the time the document was prepared in August this year.
“One of the issues they raised was the exchange rate — that we used N290 as the exchange rate — and that was the exchange rate of the time.
“So, you only use the exchange rate that is valid at that time. Naturally, by now you will change that. So, whenever we appear before the national assembly, we’ll engage them and take them through each item.”
— Dec 1, 2016 @ 14:50 GMT
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