The National Economic Council (NEC) on Friday approved the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).
NEC approved the MTEF at its emergency meeting presided over by Vice President Yemi Osinbajo at the State House in Abuja.
The MTEF is a rolling three-year-expenditure plan which defines the medium-term expenditure priorities and budget constraints upon which sector plans can be developed and refined.
The Senior Special Assistant on Media and Publicity to the Vice President, Laolu Akande, who disclosed this in a statement in Abuja, said the Minister of Finance, Budget and National Planning, Zainab Ahmed, presented the MTEF to the council.
Also at the meeting were the Ekiti State Governor, Kayode Fayemi; and the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele.
The minister told the council that the draft 2022-2024 MTEF/FSP was prepared against the backdrop of global economic recovery, amidst improved vaccination outlook and lower incidence of COVID-19 infection.
Ahmed added that the Nigerian economy sustained a moderate recovery in first quarter of 2021, posting a Gross Domestic Product (GDP) growth of 0.51 percent Year-on-Year.
She stressed that the moderate growth consolidated the country’s exit from recession in the fourth quarter of 2020.
Ahmed said: “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 percent GDP growth in fourth quarter of 2020.
“The Medium Term Fiscal Framework showed that there are continuing global challenges in the aftermath of the COVID-19.’’