The Ogun State Ministry of Budget and Planning has finalised the periodical process of reviewing the State’s Medium Term Expenditure Framework (MTEF).
The aim is to ascertain the sectoral budget performance of Ministries, Departments and Agencies (MDAs) of government in the previous year and evaluate the lessons learnt.
Giving remarks during the mid-year review of the 2023-2025 MTEF/MTSS and commencement of the 2024-2026 Budget preparation process held at the Conference Room of the Ministry in Oke-Mosan, Abeokuta, Special Adviser to the Governor on Budget and Planning, Mr. Olaolu Olabimtan revealed that the State’s budget performance had improved over the years from 42 per cent in 2019 to 70 per cent in 2021 while 74 per cent was recorded in 2023.
Olabimtan stated that the present administration remains committed to ‘Budget Credibility’ which allows the government to access funding from grants and loans for developmental purposes, noting that due process and best practices must be followed properly.
“MTSS is a component of MTEF and is a living document that must be revised periodically to review the sectoral budget performance of MDAs in the previous year, the lessons learnt are evaluated, while the component is adjusted for likely changes in the amount of money that will be allocated to each sector over the next three years”.
Olabimtan emphasised the need for the review to include, lean and unlimited resources, prioritisation of activities, programmes and projects, future recurrent cost implication, sequencing and most importantly for feedback and feed-forward purposes.