FEC approves draft Medium Term Fiscal Framework for 2015 budget

Preparations towards the 2015 Federal Budget began on Wednesday in Abuja with the approval of the draft Medium Term Fiscal Framework, MTFF, by the Federal Executive Council, FEC.

The Minister of Finance, Ngozi Okonjo-Iweala, presented the document to the Council for deliberation.

The Director-General, Budget Office, Bright Okogu, said at the end of the meeting presided over by President Goodluck Jonathan, that the MTFF was adopted.

The documents contains revenue estimates and expenditure plans of the Federal Government spanning the period 2015 and 2017.

Mr. Okogu said the consideration and approval of the MTFF by FEC was geared towards the early preparation of the 2015 budget, adding that in line with the president’s economic vision, the 2015-2017 framework focused on job creation and inclusive economic growth.

The draft MTEF, he said, was a product of consultations between the Ministry of Finance and the National Assembly as well as other stakeholders in the budget process to forestall any misunderstanding between the two arms of government that usually delays the approval of the annual budget.

According to Mr. Okogu, the MTFF, prepared against the backdrop of global economic situations, was aimed at determining the country’s prospects in terms of goods and services produced, with particular focus on non-oil sectors of the economy, especially agriculture, as best suited to generate growth and employment.

The theme for the 2015-2017 fiscal framework remains job creation, inclusive growth and how government can extend the prosperity embedded in this growth to as many Nigerians as possible.

He said in approving the fiscal framework, government looked at the economic development in the Organization of Economic Cooperation and Development, OECD, countries and other western countries that purchase Nigeria’s crude oil and other non-oil products.

The action, he said, was necessary to enable government know how well they were doing to determine how easy it would be for them to import goods from Nigeria. He pointed out that the situation in the OECD countries was mixed.

While the U.S. economy was doing well and the recovery was clear, the economic recovery in the European Union was a little bit a case of stop and go.

“All these countries import a lot of our (Nigerian) own crude oil and a lot of non-oil products. We looked at all those in order to situate the Nigerian situation,” Mr. Okogu said.

He said that though Nigeria’s economic performance in 2014 was robust and encouraging, a lot still needed to be done to translate it into improvements in the living standard of the people.

The country’s economic performance, Mr. Okogu said, has continued to defy the estimates of most ratings agencies and investors that come to Nigeria to do business.

“As they look at this country and say in spite of insurgency and a little bit of Ebola, this country is still doing very well in terms of real GDP (gross domestic product) growth.



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  • Olu

    Budget of thieves, by thieves, and for thieves.

    • ibb

      Thank you. This woman just think she could go on deceiving people.Was the money smuggled to .SA to buy arms for .BH part of the so called MTEF? Don’t bother us with your dogon turanci we know you are MOF for Jona thieving govt. Are you not the one who approved over 2trillion Naira for just 2 hundred and 80 billion in 2010 budget for oil subsidy?. Is that how you were doing at WB?

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  • Ayodeji Fagbure

    The 8th Senate as being led by Bukola Saraki, lacks the cohesiveness that is expected of a serious law-making body. This deficiency is displayed very glaringly by the attitude of some of its members who seem to have erected an oracle of worship for themselves in the person of the Senate “president”. This group has pitched itself to defend, protect and promote whatever pertains to Bukola Saraki irrespective of the heavy stench of alleged corruption around on him. That was why persons of this group bestowed a spurious vote of confidence on a leadership that was installed through a suspicious process. The same group of senators also self-appointed themselves as maigadi to a suspected crook who doubles as wife of the senate “president”. If the saying is true that the day foretells the night, the Buhari administration must be wary of the intentions of this group that seem poised to disrupt its agenda of change. This seeming unprogressive group (true colors have been exposed) must be neutralized, by all legal means. Otherwise, it will kill the budding war against corruption. Adeolu Ademoyo, is right on course with his article.