The Federal Executive Council has started preparations for the 2015 budget, as it devoted this week’s council meeting to the deliberation and approval of the draft Medium Term Fiscal Framework (MTEF) as presented by the Minister of Finance, Dr Ngozi Okonjo-Iweala.
Briefing reporters at the end of the weekly meeting on Wednesday, the Director General of the budget office, Mr Bright Akogun, said that his office had had a deep consultation with the National Assembly to avoid all the hiccups in the early passage of next year’s budget.
Mr Akogun was joined by the Minister of Information, Mr Labaran Maku, Minister of Works, Mike Onolemeimen and the Minister of Health, Professor Onyebuchi Chukwu among others in the briefing.
After deliberations on the council approved the MTEF for the 2015, 2016, and 2017 national budgets.
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.
He said that the presentation of the MTEF, led by Dr 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 would be on the completion of ongoing projects.
“The theme for the 2015-2017 fiscal framework continues to be “Job Creation, Inclusive Growth”. The Jonathan led administration is equally looking at how the growth could be extended 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 effort 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.
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