By Dipo Olowookere
Minister of Budget and National Planning, Mr Udo Udoma, on Thursday disclosed that the country’s economy was recovering and that by the end of the year, there would be a positive growth across sectors.
While speaking at a public consultation on the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper with Civil Society Organizations (CSOs), media and the organized private sector at the Federal Ministry of Finance Headquarters Abuja, Mr Udoma said Nigeria has exited recession in the “non-oil sector.”
He disclosed that the non-oil sector was growing and that recovery was being witnessed in some sectors of the economy including manufacturing, agriculture and services.
According to him, efforts being made to achieve peace in the Niger Delta were already yielding results.
The Minister stressed that the public consultation on the MTEF and fiscal strategy paper was in line with the Federal Government and National Assembly’s resolution to return to the January-December budget cycle.
Mr Udoma said the MTEF and FSP would provide the medium-term framework for the Federal Government’s financial projections for the next three fiscal years.
He explained that components of the document usually include the exchange rate, inflation rate, oil benchmark, revenue target, review of the previous year’s expenditure and revenue performance, as well as the global economic outlook, promising that the documents would be submitted to the Federal Executive Council (FEC) in two weeks’ time.
