The Federal Government has commenced the process towards the 2018 budget, with the Minister of Budget and National Planning, Udoma Udoma, continuing his consultations on the draft 2018–2020 Medium Term Expenditure Framework, MTEF, with the leadership and heads of relevant committees of the National Assembly.
The minister’s spokesperson, Akpandem James, said the meeting was is in keeping with the determination of the Federal Government to carry along critical interest groups, particularly National Assembly, in matters of governance.
The focus of the consultative meeting would be the scenarios of the MTEF for the next three years, Mr. James said.
The MTEF outlines Federal Government’s fiscal policies and macroeconomic projections for 2018–2020.
It also provides broad framework for annual budget and fiscal management in line with the Fiscal Responsibility Act, FRA, 2007.
He said the consultations on the draft MTEF began on Thursday last week when the Minister briefed state governors at the National Economic Council, NEC, meeting on the key assumptions and macro-economic framework for next year’s budget.
During the meeting, the said the basis for the projections for oil production levels, oil price benchmark, exchange rate, inflation rate, gross domestic product, GDP, growth rate, nominal GDP and nominal consumption rate, among others, were explained.
Similar consultations are to be held subsequently with civil society organizations, CSOs, private sector operators, PSO, development partners and the media.
Mr. Udoma was accompanied by the Minister of State, Zainab Ahmed and Director General of the Budget Office, Ben Akabueze while the National Assembly team was led by the Senate leader, Ahmed Lawan.
Other members of the National Assembly at the session were the House of Representatives Majority leader, Femi Gbajabiamila, Chairmen of both the Senate and House Committees on Finance; and Deputy Chairman Senate Committee on Appropriation.
Lagos plans mega 2018 budget, targets N1 trillion
Meanwhile Lagos state government plans yearly budget might hit N1 trillion by 2018.
The state also plans to generate N50 billion internal revenue per month by next year.
Akinyemi Ashade, the state Commissioner for Economic Planning and Budget, said this at the ongoing ministerial briefing to commemorate the second year in office of Gov. Akinwunmi Ambode.
The size of the state’s 2017 budget is N812.998 billion, while that of 2016 was N662.588 billion. Both were unprecedented for any state. Nigeria’s proposed budget for 2017 is N6.8 trillion.
According to Mr. Ashade, to achieve the trillion naira budget, the government would adopt strategies such as aggressive growth in IGR through taxes and non-tax revenues.
He said other strategies would include full deployment of Oracle Business Solutions to eliminate revenue leakages, sustainable fiscal balance with appropriate level of public sector borrowing and acceptable aggregate public debt.
“We shall foster a robust environment for increased private sector investments through Public-Private Partnership (PPP) initiatives and other strategies for increased Foreign Direct Investment (FDI) as initiated by Office of Overseas Affairs & Investment (Lagos Global),” he said.
Mr. Ashade said the ministry had continued to support the administration by evolving clear planning parameters to achieve the agenda of the government as adopted in the Lagos State Development Plan (LSDP) 2012-2025.
Mr. Ashade said that during the period under review, the ministry was able to manage the economy of the state through prudent and stringent management of available resources.
He said this was to ensure its desire to meet revenue projection of N30 billion monthly in 2017 and N50 billion monthly in 2018 through improvement on the various reforms.
Mr. Ashade said that in ensuring a strict implementation of the 2017 budget, government had resolved to continue to ensure tighter control of recurrent expenditure.
“This is to free up funds for the capital proceeds, while still maintaining periodic review of performance through the quarterly budget,” he said.
Mr. Ashade said the state government had also developed the State-wide Monitoring and Evaluation policy to ensure accountability, effective service delivery and success reporting.
He said that once this policy became operational, project monitoring activities would be intensified to ensure that the people got value for money they spent. (NAN)