The Medium Term Expenditure Framework: Notes Excerpts and Remarks
(Compilations, Notes and, Remarks By Chinedu Okoye) Overview: The Medium Term Expenditure Framework (MTEF), sets the tone for the Federal Government's fiscal policy direction over the next three years. The focus is on; Stability, Efficiency and Sustainable Growth. We find that though current reforms may have led to market-driven in the foreign exchange market, improving access, unifying exchange rates and curbed speculation, and the subsidy removal may have created fiscal space, these developments are not without consequences. We make remarks on the MTEF highlighting significant points and in the paper from which we draw out suggestive conclusions. Domestic Economic Environment: Overall : Real GDP grew 2.8% in Q1 2024, this was lower than the previous quarter (Q4 2023), but higher than Q1 2023. This was driven mainly by the services sector which increased 4.32% and made up a higher percentage of GDP relative to Q1 2023. Non-Oil Sector : The Non-Oil Sector grew 2.8% driven by Finan