In the last ten years, Nigeria has been unable to meet its oil production benchmark signifying a pattern of failing in executive planning and legislative approval of the country’s annual budgets Nigeria set its first Medium-Term Expenditure Framework (MTEF) benchmark for crude oil in 2004, which was about 19 years ago. The MTEF provides a framework for Nigeria’s annual budgeting process, including revenue projections and expenditure estimates for a period of three years. It also...
The annual budget determines how our lives as citizens are impacted by the government, which, acting on our behalf, allocates resources from our commonwealth to provide services for our benefit Do you know that the budget is a law? And like all laws passed by the legislature, it follows the same stages that a bill travels to become law. Since it is one of the most critical laws enacted annually in the country, is it...
The acronym MTEF may sound technical, and many citizens tend to ignore it. But it should not be so because the document lies at the heart of the annual budget, which determines how better or worse our lives get as Nigerians You must have heard and read about MTEF in the last few days. That is if you keep up with the news aside from gossip, entertainment, and sports, etc. This week, at OrderPaper Nigeria,...
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