Senate returns Buhari’s $29.96bn loan proposal, MTEF, FSP documents

ABUJA—BARELY two weeks after the Senate rejected President Muhammadu Buhari’s $29.96bn external borrowing plan, it has finally returned the document to the President.. The Senate also   returned to the President the Medium Term Expenditure Framework, MTEF, and the Fiscal Strategy Paper, FSP, document of 2017-2019.

Vanguard gathered yesterday that the documents have been returned, but attempts   to obtain information with regard to when the documents were returned to the President met brickwall at the time of filing this report yesterda. It was, however, gathered that the   decision to reject and return the President’s external loan proposal and MTEF/FSP documents may affect the passage of   2017 budget at the most appropriate time. 

It would be recalled that the Senate had on Tuesday, November 1, 2016, unanimously rejected President Buhari’s loan request. The Senate also   threw out the President’s MTEF and FSP documents on the ground that they were empty. The upper chamber decided to deal a blow on the executive due to President Buhari’s refusal to send  the Federal Government’s 2016-2018 borrowing plan contained in the last paragraph of the letter to the Senate.