The Rivers State Executive Council has approved the framework for the Ministry of Budget and Economic Planning to commence the preparation for the 2025 budget of the State.
The State Executive Council gave the approval at its meeting, presided over by Governor Siminalayi Fubara at the Executive Council Chambers, Government House, Port Harcourt on Thursday.
The Commissioner for Budget and Economic Planning, Dr. Peter Medee, disclosed this while briefing newsmen after the meeting, noting that the Medium Term Expenditure Framework, which explains the fiscal and economic outlook of government for the year under consideration, enables government to situate the economy such that the budget will not be over or under budgeted.
He said, “Council, today, graciously approved our request for the submission of the updated copy of the 2025-2027 Rivers State Medium Term Expenditure Framework (MTEF). The MTEF is a document that explains the fiscal and economic outlook of government for the year under consideration. It takes six years behind and three years ahead. The essence is to project and put some forecast based on which the budget of the following year will be prepared.
“So, today, Council has approved the framework for us to go ahead to prepare the 2025 budget of Rivers State. The essence is that the Medium Term Expenditure Framework takes into consideration the global outlook, the continental outlook, the national outlook, and the state’s specific outlook.”
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