The Minister of Budget and National Planning, Senator Udo Udoma, has met with members of the National Assembly on the draft 2018-2020 Medium Term Expenditure Framework.
The meeting, which was also attended by the leadership and heads of relevant committees of the National Assembly, is part of moves by the Executive to carry the legislature along on critical matters of governance.
A statement by the Media Adviser to the minister, Mr. Akpandem James, said discussions at the meeting centred on the scenarios of the Medium Term Fiscal Framework for the next three years.
It said Udoma was at the session with the Minister of State for Budget and National Planning, Mrs. Zainab Ahmed; and Director-General, Budget Office, Mr. Ben Akabueze; while the National Assembly team was led by the Senate leader, Dr. Ahmed 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.
The statement read in part, “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 the macroeconomic framework.
“At the meeting, he explained the basis for the projections for oil production levels, oil price benchmark, exchange rate, inflation rate and Gross Domestic Product growth rate, among others.”
Similar consultations are to be held subsequently with civil society organisations, private sector operators, development partners and the media, the statement added.
The MTEF outlines the Federal Government’s fiscal policies and macroeconomic projections for 2018-2020 and provides a broad framework for annual budget and fiscal management in line with the Fiscal Responsibility Act, 2007.