The Federal Executive Council yesterday approved the Medium Term Expenditure Framework (MTEFF) and Fiscal Strategy Paper (SFP) for 2017-2019, signalling the commencement of next year’s budget process.
The Minister of Budget and National Planning, Senator Udoma Udoma, disclosed this to State House reporters after a four-hour FEC meeting presided over by President Muhammadu Buhari.
“As you know, the Fiscal Responsibility Act requires the executive to prepare the MTEFF and send it on to the National Assembly for their consideration. And it is on the basis of the MTEFF that the next budget will be fashioned. So, in short, we’ve started the process of preparing the 2017 budget,” he said.
The minister noted that before the MTEFF was presented to the council for consideration, there was an extensive consultation with the private sector, governors and non-governmental organisations.