MTEF not withdrawn from NASS – Ngozi Okonjo-Iweala

By Post Nigeria January 16, 2015 13:32

MTEF not withdrawn from NASS – Ngozi Okonjo-Iweala

The coordinating Minister of the economy, Dr. Ngozi Okonjo- Iweala has refuted the claim that the Medium Term Expenditure Framework, MTEF, was withdrawn from the National Assembly.

She stated this while speaking at the launch of the Action 2015 programme in Abuja yesterday, where concerns were raised on the plans of the Federal government to address the steadily declining price of crude oil in the international market.

She assured the House of the Federal Government’s commitment to providing alternatives to the falling prices.

“Even though the oil price is going down, the budget is with the National Assembly. Let me just tell you that measures are being put in place so that we can manage the budget and the economy at whatever the oil price bottoms out.

“Right now, no one knows the bottom because it is falling every day. Once it stabilizes and we know the bottom, we will accompany it with appropriate measures. So, we are working everyday with scenarios; we are following exactly the plan we told Nigerians.

“There are scenarios at $55, $50 and below of the additional measures that will be needed, and I believe that though this will be a very difficult year for the country, we have the tools, we know how to apply them and we know that working together, we will be able to take this country through this year and then to a brighter 2016.”

The Federal Government had proposed $65 per barrel as benchmark for 2015 budget, but the National Assembly are considering far below benchmark before passing the budget.