The Presidency has submitted an amendment to the 2018 – 2020 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to the Senate for consideration.This emerged as the Senate announced the postponement of debate on the general principles of the N8.612 trillion 2018 budget proposal. The upper chamber said the shift was to allow it conclude work on the 2018-2020 MTEF/FSP.In the amendment to the MTEF, the presidency reduced the GDP growth rate from 4.5 per cent to 3.5 per cent. She ruled out fears that the adjustments would affect the N8.612 trillion 2018 budget proposal, adding that the adjustments had already been reflected in the 2018 budget estimates submitted by President Muhammadu Buhari to a joint session of the National Assembly on November 7. And this is as a result of a meeting we had with you while discussing the last MTEF down to 3.5 percent. And yet in 2018, we are still putting more than N800 billion for independent revenue.

Source: The Guardian November 22, 2017 04:07 UTC