The Minister of Finance, Budget and National Planning, Zainab Ahmed, 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).
Mrs 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 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 be able to meet the deadline, we have to get the MTEF done and approved because it forms the framework for the budget,’’ she said.