President Tinubu, on 31 October, transmitted the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly for legislative scrutiny.
The House of Representatives has commenced its legislative examination of the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper , submitted by President Bola Tinubu for approval.
He said the the move signaled a critical step in shaping the financial landscape for the next few years. Also included are the loss of revenue resulting from waivers and exemptions granted to various organisations, amounting to over N2.7 trillion, as projected in the 2024 budget estimates. Mr Faleke also highlighted the significance of revenue, which remains the largest individual sub-head of the federal government.
To address this, he said the committee would continue its innovative Revenue Monitoring Exercise to enhance the country’s collective revenue profile.“With the global economy facing challenges, including rising interest rates in developed countries, the committee recognises the need to increase revenues,” he said.
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