NEC Endorses 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper

As plans for next year’s budget begins to gather pace, the National Economic Council has endorsed the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper which was presented to it at an emergency meeting of the Council this Friday .

As explained In a release by Laolu Akande, Senior Special Assistant to the President on Media and Publicity in the office of the Vice President, besides the MTEF presentation, the Council also updated its focus on the reports of the State Judicial Panels set up across the country after last year’s EndSARS protests. Vice President Yemi Osinbajo, who is also the chairman of the National Economic Council urged States where the panels are still sitting to also send interim reports so as to measure progress.

As the Vice President said, the reports are now being received ahead of a Council meeting where presentations would be made on them, both for States where the panels have concluded their work and those that are still sitting.

During the presentation of the MTEF to the Council, the Minister of Finance, Budget and National Planning, Zainab Ahmed, stated that the draft of the 2022-2024 was prepared against the backdrop of global economic recovery, amidst improved vaccination outlook and lower incidence of (COVID-19) infection.

She also said the Nigerian economy sustained a tepid recovery in first quarter of 2021 posting a Year-on-Year GDP growth of zero point fifty-one percent , consolidating the exit from recession in Q4 2020, reflecting the easing of COVID-19 induced restrictions.

The Council was informed that the issue of the repayment of the Budget Support Facility has now been resolved after a meeting presided over earlier this week by the Vice President, Governor Kayode Fayemi, representing the States, the Finance Minister and the CBN Governor, Godwin Emefiele.

Under the new arrangement, the Central Bank of Nigeria has offered a fresh bridging financing to States as they resume the repayment of the FG-backed Facility.