Ogun State Government says it has produced for the first time an improved medium Term Expenditure Framework which introduces costing into its budget templates making it easy for the state to predict its budget outcomes.
Commissioner for Budget and Planning, Mr Olaolu Olabimtan disclosed this in Abeokuta during the 2021 Treasury Board Meeting held at the Obas’ Complex, Oke-Mosan, Abeokuta, noting that the state has deviated from the era of allocating resources of
government on programmes and projects that have not been properly articulated in our Medium Term Expenditure Framework (MTEF) and the Medium Term Revenue Strategies (MTRS).
The Budget Commissioner said the state budget template “has reduced considerably the time it takes to move from MTSS stage to the budget stage and also reduces the gap between the requests of the MDA’S and the approved estimates they will eventually get” emphasizing that the combined effect is that budgetary outcomes are more predictable and the MDA’s are more confident in their financial planning.
Olabimtan also informed that the budget ministry “has introduced in collaboration with the Ministry of Finance the Medium Term Revenue Strategies (MTRS), which is the other side of the expenditure plan. It is the bedrock for revenue sustainability in the State and provides the needed structure for long term sustainability and reliability in our revenue plans and projections in the coming years”.