The Federal Executive Council (FEC) on Wednesday approved the draft Medium Term Fiscal Framework (MTEF) for 2015, 2016, and 2017 national budgets, with a theme on job creation and inclusive economic growth.
This was disclosed by minister of information, Labaran Maku, while briefing journalists alongside the ministers of works, Mike Onolememen; health, Onyebuchi Chukwu and the minister of state for trade and investment, Samuel Ortom, as well as the director-general of the Budget Office, Bright Okogwu, after the weekly FEC meeting chaired by President Goodluck Jonathan.
Maku noted that council had reached its decision after assessing past national budgets and agreed that there was an improvement in the administration’s transformation agenda, following advice from the Economic Management Team.
He further said government intends to ensure that the budget for the next three years will take full advantage of the recent rebasing of the economy and expanded Gross Domestic Product (GDP) to ensure that there are more opportunities for job creation and inclusive growth for its citizens.
The DG, Budget Office, further explained that the nation’s expanding non-oil sector which was highlighted by the rebasing, was taken into consideration as it is expected to make huge contributions to the country’s revenue generation, adding that the presentation of the MTEF which was led by minister of finance and coordinating minister for the economy, Ngozi Okonjo-Iweala, was the outcome of some earlier efforts already made in consulting both the National
Assembly and some of the other stakeholders associated with the budget process.
He also said the emphasis of the three-year fiscal framework will be on the completion of ongoing projects.
“The theme for the 2015-2017 fiscal framework continues to be job creation, inclusive growth and how you can extend the prosperity embedded in this growth to as many Nigerians as possible.
“Looking at our revenue profile, the non-oil revenue is a major contributor to government coffers and that is because a lot of efforts by the administration over the last few years in engaging the various entities that are associated with collecting revenue have began to have very good results.”
ELIZABETH ARCHIBONG
