The National Economic Council, NEC, has approved the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).
A release signed by Spokesman to the Vice President, Laolu Akande said that the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed presented the draft MTEF/FSP at Friday’s virtual emergency meeting of the NEC presided over by Vice President Yemi Osinbajo.
Mrs Ahmed said at the presentation that the draft of the 2022-2024 MTEF/FSP was prepared against the backdrop of global economic recovery, amidst improved vaccination outlook and lower incidence of (COVID-19) infection.
She also said that the Nigerian economy sustained a tepid recovery in the first quarter of 2021 posting a Year-on-Year (YoY) Gross Domestic Product (GDP) growth of 0.51%, consolidating the exit from recession in the 4th Quarter of 2020, reflecting the easing of COVID-19 induced restrictions.
The minister recalled that the economy, which lapsed into recession in the Third Quarter of 2020, after two successive quarters of negative GDP growth, promptly emerged from the recession with a positive 0.11% GDP growth in the Fourth Quarter of 2020.”
She added that; “The Medium Term Fiscal Framework showed that there are continuing global challenges in the aftermath of the COVID-19.”
The presentation by the minister at the meeting of the NEC followed the public presentation of the paper on Thursday and a forthcoming presentation to the Federal Executive Council soon.
Akande said in the release that “The NEC also received updates on the reports of the state judicial panels set up across Nigeria after last year’s EndSARS protests.”
At the meeting, Vice President Yemi Osinbajo urged States where the panels are still sitting to also send interim reports so as to measure progress.
According to the Vice President, 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.
“It will be recalled that the Council recommended the establishment of judicial panels nationwide to address complaints of police brutality after the President dissolved the Police SARS unit.
“Almost all states in the Federation set up the panels, including the Federal Capital Territory.”
Akande said that the Council was also “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 Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele.
“Under the new arrangement, the CBN has offered a fresh bridging financing to states as they resume the repayment of the FG-backed Facility.”
Others who participated in the virtual meeting were governors, the FCT Minister, Governor Central Bank Governor, and other government officials.
The National Economic Council comprises the 36 state governors, the Minister of the Federal Capital Territory, the Governor of the Central Bank of Nigeria, CBN, and the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC.
PIAK
