This Day (Lagos)
Onwuka Nzeshi
29 October 2009
Abuja — As lawmakers commence preliminary consideration of the Medium term Expenditure Framework (MTEF) and Fiscal Strategy Proposal of the Federal Government preparatory to the presentation of the 2010 Appropriation Bill, there are strong indications that the House of Representatives may raise the benchmark price of oil to sixty dollars.
Chairman, House Committee on Finance, Hon. John Enoh dropped the hint yesterday while making a presentation at the plenary session during which the MTEF was under consideration. Enoh who opposed the haste in which the House was moving to consider and approve the document said it would be wrong to adopt it without lawmakers critically examining the proposals and making alterations.
According to Enoh, there might be need for the House to modify the fifty dollar benchmark, the exchange rate of Naira to the Dollar as well as the daily crude oil production. President Umar Musa Yar Adua recently sent the Medium Term Expenditure Framework to the National Assembly in line with Section11 (1) (b) of the Fiscal Responsibility Act, 2007. The document covers the Fiscal Strategy Proposal for the next three years (2010-2012).
Section 11(2) of the Fiscal responsibility Act provides for the consideration and approval of the Medium Term Expenditure Framework as contained therein by the National Assembly with such modification and amendments as deemed fit by the lawmakers.
Opinions were divided when the MTEF came up for consideration in plenary yesterday as lawmakers argued over the right approach to the consideration of the document. Some members also protested that they were yet to receive the document and may not be able to contribute meaningfully to the debate because they were not privy to its contents.
Although House leader, Hon. Tunde Akogun was poised to lead the debate for a swift approval of the document, these early protests spearheaded by the Minority Whip, Honourable Femi Gbajabiamila punctured the process. Gbajabiamila said that for a document designed to guide the national budget for the next three years, it will be wrong for lawmakers to endorse it until they were fully aware of the implications of their actions.
Hon. Lanre Agoro faulted the delay in the presentation of the document arguing that the MTEF ought to have been received by parliament four months ago to enable them give it thorough consideration as a foundation to the 2010 budget.
Following the stiff opposition to the continuation of the debate Deputy Speaker, Honourable Busman Nafada was forced to hit the gavel suspending the debate until members had received and studied the MTEF document.
Also yesterday two bills scaled second reading. They include the Bill for an Act to establish the Chartered Institute of Certified
Secretaries and Reporters and the bill for an Act to provide for the operation and development of Postal Services and Establishment of the Nigeria Postal Commission. Both bills have been referred to the Committee of the Whole and the Committee on Communications respectively.
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