The Minister of Finance, Budget and National Planning, Zainab Ahmed, has presented a draft 2021 to 2023 Medium Term Expenditure Framework(MTEF) and the Fiscal Strategy Paper to the National Economic Council (NEC).
She disclosed on Thursday while briefing State House correspondents after the virtual NEC meeting presided over by Vice President Yemi Osinbajo.
The minister said the document needs to be assessed before it is presented to the Federal Executive Council (FEC) for approval. It is on the basis of this that the agencies can prepare the budget for the next year 2021.
She said, “As you know, the Nigerian economy has been facing significant challenges and this is the first half of the year. “The micro-economic environment has been really challenged and disrupted; crude oil prices have declined and we have had to adjust our budget and our Medium term plan as a result.”
The minister said crude oil production level as provided by OPEC is now 1.4 million barrels per day, noting that declining revenue for the Federation Account which would subsequently be shared was also discussed.
She said the revised 2020 budget has a total expenditure of 9.16 trillion while the projection being made for 2021 budget is at 9.613 trillion.
She added: “Our target is to continue with the momentum to ensure that we meet the January to December budget deadline and to able to meet the deadline, we have to get the MTEF done and approved because it forms the framework for the budget.”