Nigeria’s Minister of Budget and National Planning, Senator Udoma Udo Udoma, on Tuesday evening continued consultations on the draft 2018 – 2020 Medium Term Expenditure Framework (MTEF) with a session with the leadership and heads of relevant committees of the National Assembly.
The meeting which is in keeping with the determination of the Executive to carry the National Assembly along on critical matters of governance, held at the Senate Committee Room 402 and discussed the scenarios of the Medium Term Fiscal Framework for the next three years.
Senator Udoma was at the session with the Minister of State, Mrs Zainab Ahmed and Director General of the Budget Office, Mr Ben Akabueze while the National Assembly team was led by the Senate leader, Dr Ahmed Ibrahim Lawan.
Other members of the National Assembly at the session were the House of Representatives Majority leader, Mr Femi Gbajabiamila, Chairmen of both the Senate and House Committees on Finance; and Deputy Chairman Senate Committee on Appropriation.
Consultations on the draft MTEF began on Thursday last week when the Minister briefed State Governors at the National Economic Council meeting on the key assumptions and macro-economic framework. At the meeting, he explained the basis for the projections for Oil production levels, Oil price benchmark, Exchange rate, Inflation rate, GDP Growth rate, Nominal GDP and Nominal Consumption rate, among others.
Similar consultations are to be held subsequently with civil society organizations (CSOs), private sector operators (PSO), development partners and the media.
The MTEF outlines Federal Government fiscal policies and macroconomic projections for 2018 – 2020 and provides broad framework for annual budget and fiscal management in line with the Fiscal Responsibility Act (FRA) 2007.