FG begins work on fiscal framework for 2014 to 2016

The emergency meeting of the Federal Executive Council (FEC) yesterday began deliberation on the medium-term fiscal strategy framework for 2014- 2016 appropriation years in order to ensure proper planning for the execution of projects for the benefit of the people.

This is contrary to speculations that the special meeting which was summoned by President Goodluck Jonathan was to effect major cabinet reshuffle.

Briefing State House Correspondents at the end of the special meeting, Minister of Information, Mr. Labaran Maku, stated that the council discussed the medium term fiscal strategy paper presented by Minister of Finance and Co-ordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala.

He explained that the special meeting was to allow the council to intensively discuss the budget forecast for the years between 2014-2016 and also to look critically into the expected revenue and expenditure as well as fiscal objectives of the government to grow the economy within the period.

“The urgency was to get the budget out on time, and the deliberations by cabinet members issues cannot be exhausted at regular meetings, hence, the president’s decision to devote a special meeting for it,” Maku said.

“We have been discussing at the council to see that the budgets between now and 2016 realise the objectives of further growing the Gross Domestic Product (GDP), stabilising the micro economic environment which has ensured that Nigeria remains the fastest growing economy as well as the destination for inflow of foreign investments into the country,” he added.

According to him, the council discussed extensively on how it would affect and impact on the welfare of the people and to consolidate on the achievement of the transformation agenda in the last two years of the present administration.

Maku said, “It is a technical paper, we have discussed it, it is work in progress, so we have made the first observation and Minister of Finance will be going back to work on further before eventually tabled before the National Assembly.