Friday October 22, 2021 7:19 PM
Ike Ekweremadu

Senate postpones MTEF passage, awaits outcome of OPEC meeting

The Nigerian senate, on Thursday, postponed the passage of Medium Term Expenditure Framework (MTEF), till December 5, which covers 2018 to 2020. It is also yet to pass the budget for next year.

The postponement followed a motion by the Senate Leader, Ahmed Lawan.

The upper house agreed to step down the MTEF document until Tuesday when it would have known the benchmark of the Organisation of Petroleum Exporting Countries (OPEC).

In his remarks, the Deputy President of the Senate, Ike Ekweremadu, who presided over plenary, urged lawmakers to support the motion to enable the senate to take informed decisions.

He said, “we would wait and see the outcome of the Organisation of Petroleum Exporting Countries (OPEC) meeting regarding production quota. That will determine what would be the ultimate benchmark. I, therefore, appeal that we support the prayer and step down the consideration of the report of the committee on MTEF.”

This is the second time the Senate is postponing consideration and passage of the document, which ought to set the tone for passage of the 2018 Budget Estimate.



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