ABEOKUTA – Ogun State Government has met with Transition Chairmen and other Stakeholders across the 20 Local Government Areas of the State in compliance with the State Fiscal Responsibility Act (2020).
The Chief Economic Adviser and Commissioner for Finance, Mr. Dapo Okubadejo while declaring open the consultative meeting with the Local Government Heads towards the preparation of the 2022-2024 Medium Term Expenditure Framework (MTEF) of the State in Abeokuta, said the three tiers of government and other stakeholders are fully involved in the process.
Okubadejo noted that the process was aimed at achieving prudent management of resources and ensure greater transparency and accountability in the fiscal operations of the State.
“It is noteworthy to mention that the present administration is determined to ensure the State is repositioned to achieve a world class Public Financial Management system that conforms with international best practices. The Governor’s passion for good governance has brought about various reforms, reviews and enactments of laws, most importantly the State Fiscal Responsibility Law, 2020’’, he stated.
The Chief Economic Adviser maintained that the Law stipulates that the State would interface with the Local Government Areas at two different levels which include, consultation before preparation/presentation of the State 2022-2024 MTEF to the Ogun State House of Assembly, in line with section 12 subsection (1) of the Fiscal Responsibility Law, 2020 and after the consideration of the MTEF by the Ogun State House of Assembly.
He added that Local Government Areas would be assisted in the preparation of MTEF at the LGAs level, in tandem with section 18(1) of the Fiscal Responsibility Law, 2020.
“The government through the enactment of the State Fiscal Responsibility Law, 2020 will ensure that all stakeholders are fully involved in the process to achieve prudent management of State’s resources; long-term macro-economic Stability of State’s Economy; and Secure greater accountability and transparency in fiscal operations within a Medium-Term Fiscal Policy Framework.
“The aforementioned sections of the State Fiscal Responsibility Law, 2020 therefore confirms today’s consultation meeting to be appropriate and necessary to further allow the State to forge ahead with the preparation of the MTEF Document and also assist the State to meet the August deadline of MTEF submission to the House of Assembly”, Okubadejo said.
On his part, the Commissioner for Budget and Planning, Mr. Olaolu Olabimtan who gave the macroeconomics background, as well as the overview of the 2022-2024 MTEF, said the State had developed a budget model that is result oriented, towards ensuring that government spend its limited resources on projects that would have direct impact on the people.
Olabimtan noted that the State government is consulting the Local Government Chairmen on the preparation of the State MTEF to ensure it achieve greater outputs and outcomes in the 2022 budget, saying the step had become imperative as the budget for the upcoming year would be based on the parameters and fiscal assumptions of the approved 2022-2024 MTEF.