The Delta State Executive Council on Wednesday approved the revised 2021 to 2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) at its virtual meeting.
The meeting which was presided over by Governor Ifeanyi Okowa also gave a nod to a projection of N306.44 billion budget size for the 2021 fiscal year.
The Commissioner for Information, Mr Charles Aniagwu disclosed this while briefing the press at the end of the Council meeting in Asaba.
Aniagwu listed other projections in the budget as 40 dollars per barrel oil benchmark, oil production volume of 1.86 million barrel per day, inflation rate of 11.9 per cent, projected gross domestic growth rate of three per cent and official Exchange rate of N360 to the dollar.
He said “The document, which is also referred to as the Economic and Fiscal Update, Fiscal Framework and Budget Policy Statement (EFU-FF-BPS) fulfils the requirements of the Fiscal Responsibility Law (2020) as amended.
“In line with international best practice and the desire of the State Government to ensure appropriate financial management and resource allocation, the 2021-2023 MTEF/FSP document, is the sixth rolling edition in the series.
“The document is the basis for the preparation of the 2021 budget and having been approved and adopted, it will be processed to the State House of Assembly for consideration and approval and for application in the preparation of the 2021 revenue and expenditure budget estimates of the State.”
He further said that the production of the MTEF/FSP (Economic and Fiscal Update, Fiscal Framework and Budget Policy Statement) marks the first step in the budget preparation cycle.