The National Economic Council, NEC, has endorsed the 2022-2024 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, which were presented at its emergency meeting on Friday.
The NEC 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, urged states where the panels were still sitting to also send interim reports as 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.
The emergency meeting of the Council which held virtually and was chaired by Vice President Yemi Osinbajo with several State Governors, FCT Minister, Finance, Budget and National Planning Minister, Central Bank Governor, and other government officials in attendance.
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 MTEF-FSP were 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 the first quarter of 2021 posting a Year-on-Year GDP growth of 0.51%, consolidating the exit from recession in the Q4 2020, reflecting the easing of Covid-19 induced restrictions.
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Also at the meeting, Council was informed that the issue of the repayment of the Budget Support Facility has now been resolved after a meeting chaired earlier this week by the Vice President and Governor Kayode Fayemi, representing the states, the Finance, Budget and National Planning Minister and 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.
(Editor: Terverr Tyav)
