Ndubuisi Francis in Abuja
The Minister of Budget and National Planning, Senator Udoma Udo Udoma, has begun consultations with the leadership and heads of relevant committees of the National Assembly on the draft 2018â€“2020 Medium Term Expenditure Framework (MTEF).
The consultations are in keeping with the determination of the executive to carry the National Assembly along on critical matters of governance.
On Tuesday, Udoma met with the committees and National Assembly leadership at the Senate Committee Room 402 and discussed the scenarios of the Medium Term Fiscal Framework for the next three years.
A statement issued by Udomaâ€™s Media Adviser, Mr. Akpandem James, said the minister was at the session with his Minister of State counterpart, 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 last week Thursday when the minister briefed state governors at the National Economic Council (NEC) meeting on the key assumptions and macro-economic framework, the statement added.
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.
According to the statement, similar consultations are to be held subsequently with civil society organisations (CSOs), private sector operators (PSO), development partners and the media.
The MTEF outlines federal governmentâ€™s fiscal policies and macroeconomic projections for 2018â€“2020 and provides broad framework for annual budget and fiscal management in line with the Fiscal Responsibility Act (FRA) 2007.