The 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper
Strategy · Finance
Policy date: 2018-01-01
A Strategy that sets out revenue projections, expenditure ceilings, and fiscal strategies to guide budget preparation and ensure macroeconomic stability. It targets federal ministries, agencies, the National Assembly, and revenue generators. This aligns government spending with available resources and supports economic growth.
The 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper
What Is This Policy?
A three-year rolling fiscal plan that sets out the federal government's revenue projections, expenditure ceilings, and fiscal strategy to guide budget preparation and ensure macroeconomic stability.
Who Does It Target?
Federal ministries, departments, and agencies preparing budget proposals National Assembly for budget approval Revenue-generating agencies including FIRS and Customs International development partners and investors
What Does It Aim to Achieve?
Provide a credible and transparent fiscal framework for the medium term that aligns government spending with available resources, supports the Economic Recovery and Growth Plan, and maintains fiscal discipline.
Key Features
Revenue Projections: Detailed estimates of oil and non-oil revenue based on production, price, and compliance assumptions Expenditure Ceilings: Binding spending limits for all MDAs aligned with government priorities Deficit Management: Fiscal rules on borrowing limits and deficit-to-GDP ratios Oil Price Benchmark: Conservative oil price assumptions for budget planning Sector Allocations: Priority spending areas including infrastructure, health, education, and security
Current Status
Rollout Stage: Completed (covered 2018-2020 fiscal years) Coverage: All federal ministries, departments, and agencies Lead Agency: Budget Office of the Federation under the Ministry of Finance, Budget and National Planning Approval: Approved by the Federal Executive Council and submitted to the National Assembly
How to Access
The MTEF/FSP is a public document presented to the National Assembly. Available through the Budget Office of the Federation website Published as part of the annual budget documentation Accessible through the National Assembly records
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.