THE Federal Executive Council, FEC, Wednesday approved the 2022 – 2024 Medium Term Expenditure Framework and the Fiscal Strategy Paper (MTEF & FSP) authorizing the funding of the N5.26 trillion budget deficit through borrowings.
The Council also approved N16. 041 billion for erosion control contracts under Ecological Fund which cuts across many states.
The Minister of Finance, Budget, and National Planning, Dr. Zainab Ahmed, disclosed this while briefing State House correspondents at the end of the weekly council meeting presided over by President Muhammadu Buhari at the First Lady’s Conference Room, presidential villa, Abuja.
The Minister said her ministry presented a memo to FEC with a 2022 projected revenue of N6.54 trillion and N2.62 trillion to accrue to the Federation Account and the Valued Added Tax, VAT, respectively.
She said this revenue is projected to increase in 2023 to 9.15 trillion.
Mrs. Ahmed explained that the MTF FSP describes the federal government’s socio-economic and developmental objectives and priorities for the reporting period of 2022 to 2024 as well as the fiscal strategies to be put in place, and policies to achieve the priorities.
