Section 11: Medium Term Expenditure.

(1) The Federal Government after consultation with the States shall:
(a) not later than six months from the commencement of this Act, cause to be prepared and laid before the National Assembly, for their consideration a Medium-Term Expenditure Framework for the next three financial years ; and
(b) thereafter, not later than four months before the commencement of the next financial year, cause to be prepared a Medium-Term Expenditure Framework for the next three financial years
(2) The frame-work so laid shall be considered for approval with such modifications if any, as the National Assembly finds appropriate by a resolution of each House of the National Assembly.
(3) The Medium-Term Expenditure Framework shall contain :
(a) a Macro-economic Framework setting out the macro-economic projections, for the next three financial years, the underlying assumptions for those projections and an evaluation and analysis of the macroeconomic projections for the preceding three financial years ;
(b) a Fiscal Strategy Paper setting out:
(i) the Federal Government's medium-term financial objectives,
(ii) the policies of the Federal Government for the medium-term relating to taxation, recurrent (non-debt) expenditure, debt expenditure, capital expenditure, expenditure, borrowings and other liabilities, lending and investment,
(iii) the strategic, economic, social and developmental priorities of the Federal Government for the next three financial years,
(iv) an explanation of how the financial objectives, strategic, economic, social and developmental priorities and fiscal measures set out pursuant to sub-paragraphs (i), (ii) and (iii) of this paragraph relating to the economic objectives set out in section 16 of the Constitution;
(c) an expenditure and revenue framework setting out :
(i) estimates of aggregate revenues for the Federation for each financial year in the next three financial years, based on the predetermined Commodity Reference Price adopted and tax revenue projections,
(ii) aggregate expenditure for the Federation for each financial year in the next three financial years.
(iii) aggregate tax expenditure projection for the Federation for each financial year in the next three financial years, and
(iv) minimum capital expenditure floor for the Federation for each financial year in the next three financial years:
Provided that, the estimates and expenditures provided under paragraph (d) of this subsection shall be :
(i) based on reliable and consistent data certified in accordance with section 13(2)(b) of this Act,
(ii) targeted at achieving the macro-economic projection set out in subsection (2) (a) of this section,
(iii) consistent with and derive from the underlying assumptions contained in the Macro-economic framework, the objectives, policies, strategic priorities and explanations in the Fiscal Strategy paper;
(d) a Consolidated Debt Statement setting out and describing the fiscal significance of the debt liability of the Federal Government and measures to reduce any such liability; and
(e) a statement describing the nature and fiscal significance of contingent liabilities and quasi-fiscal activities and measures to offset the crystallization of such liabilities.