The Federal
Government has commenced the process towards the 2018 budget, with the Minister
of Budget and National Planning, Udoma Udoma, continuing his
consultations on
the draft 2018–2020 Medium Term Expenditure Framework, MTEF, with the
leadership and heads of relevant committees of the National Assembly.
The
minister’s spokesperson, Akpandem James, said the meeting was is in keeping
with the determination of the Federal Government to carry along critical
interest groups, particularly National Assembly, in matters of governance.
The focus of
the consultative meeting would be the scenarios of the MTEF for the next three
years, Mr. James said.
The MTEF
outlines Federal Government’s fiscal policies and macroeconomic projections for
2018–2020.
It also
provides broad framework for annual budget and fiscal management in line with
the Fiscal Responsibility Act, FRA, 2007.
He said the
consultations on the draft MTEF began on Thursday last week when the Minister
briefed state governors at the National Economic Council, NEC, meeting on the
key assumptions and macro-economic framework for next year’s budget.
During the
meeting, the said the basis for the projections for oil production levels, oil
price benchmark, exchange rate, inflation rate, gross domestic product, GDP,
growth rate, nominal GDP and nominal consumption rate, among others, were
explained.
Similar
consultations are to be held subsequently with civil society organizations,
CSOs, private sector operators, PSO, development partners and the media.
Mr. Udoma
was accompanied by the Minister of State, Zainab Ahmed and Director General of
the Budget Office, Ben Akabueze while the National Assembly team was led by the
Senate leader, Ahmed Lawan.
Other
members of the National Assembly at the session were the House of
Representatives Majority leader, Femi Gbajabiamila, Chairmen of both the Senate
and House Committees on Finance; and Deputy Chairman Senate Committee on
Appropriation.
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