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Finance minister presents draft 2021 to 2023 MTEF to NEC

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Finance minister presents draft 2021 to 2023 MTEF to NEC


 

MTEF

By Chijioke Okoronkwo

Abuja, July 9, 2020(NAN)Hajia Zainab Ahmed, the Minister of Finance, Budget and National Planning, on Thursday presented the draft 2021 to 2023 Medium Term Expenditure Framework(MTEF) as well as the Fiscal Strategy Paper to the National Economic Council(NEC).

Ahmed, who spoke with State House correspondents after the virtual NEC, said it was one of the main consultations that needed to be done   before proceeding to the Federal Executive Council (FEC) for approval.

The virtual NEC was presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

“As you know, the Nigerian economy has been facing significant challenges and this is the first half of the year.

“The micro-economic environment has been really challenged and disrupted; crude oil prices have declined and we have had to adjust our budget and our Medium term plan as a result.

“And also, another development that has affected is the massive cut that OPEC has now imposed on OPEC members and OPEC allies to our production volume.

“ So, our crude oil production level as provided by OPEC is now 1.4 million barrels per day.’’

She said that the issue of the gross revenue expected into the Federation Account which would subsequently be shared was also discussed.

According to her, the revised 2020 budget has a total expenditure of 9.16 trillion while the projection being made for 2021 budget is at 9.613 trillion.

“So, after the consultations with NEC, National Assembly, with NEC, and with the public, we now make any adjustments that become necessary before we eventually go to the FEC for approval.

“Our target is to continue with the momentum to ensure that we meet the January to December budget deadline and to able to meet the deadline, we have to get the MTEF done and approved because it forms the framework for the budget,’’ she said.(NAN)

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Edited By: Sadiya Hamza (NAN)

 

Chijioke Okoronkwo: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

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