The 2017-2019 Medium Term Expenditure Framework and Fiscal Strategy Paper
Strategy · Finance
Policy date: 2017-01-01
A Strategy that establishes revenue targets, expenditure ceilings, and macroeconomic assumptions to guide federal budget preparation. It targets federal ministries, departments, agencies, and revenue-generating bodies. This provides a stable fiscal framework for economic recovery.
The 2017-2019 Medium Term Expenditure Framework and Fiscal Strategy Paper
What Is This Policy?
A three-year fiscal planning document that established revenue targets, expenditure ceilings, and macroeconomic assumptions to guide federal budget preparation during the 2017-2019 period, aligning with the Economic Recovery and Growth Plan.
Who Does It Target?
Federal ministries, departments, and agencies Budget Office of the Federation National Assembly Appropriation Committees Revenue-generating agencies
What Does It Aim to Achieve?
Provide a stable and predictable fiscal framework for the medium term, ensuring that annual budgets are prepared within realistic revenue and expenditure parameters during the economic recovery period.
Key Features
Macroeconomic Assumptions: Oil price benchmarks, production volumes, exchange rate projections, and GDP growth estimates Revenue Framework: Targets for oil and non-oil revenue streams including taxes and independent revenue Expenditure Ceilings: Sector-level spending limits aligned with ERGP priorities Fiscal Consolidation: Strategies to reduce the fiscal deficit and manage public debt Transparency Measures: Public disclosure of fiscal assumptions and performance benchmarks
Current Status
Rollout Stage: Completed (covered 2017-2019 fiscal years) Coverage: All federal government budget entities Lead Agency: Budget Office of the Federation Approval: Approved by the Federal Executive Council and submitted to the National Assembly
How to Access
The MTEF/FSP is a public document. Download from the Budget Office website Available through the National Assembly records Accessible through open budget platforms
Official Resources
Website: budgetoffice.gov.ng Contact: Budget Office of the Federation, Abuja
Legal Framework
Prepared under the Fiscal Responsibility Act 2007, which mandates the Federal Government to produce a Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) annually. Operates alongside the annual Appropriation Act, the Finance Act, the Debt Management Office Act, and the CBN Act. Aligns with IMF Article IV consultation requirements and the West African Monetary Zone convergence criteria.