2022 Budget:OGSG Highlights Importance of MTRS in Budget sustainability

         In a quest to ensure long term sustainability and reliability in budget preparation, the Ogun State government says the Medium-Term Expenditure Framework (MTEF) and the Medium-Term Revenue Strategy (MTRS) are essentials in achieving best performance in budgeting.

          Commissioner for Budget and Planning, Mr. Olaolu Olabimtan stated this in Abeokuta at the Treasury Board meeting for the preparation of the 2022-2024 MTEF and 2022 Budget in the State, saying that the Treasury Board is a body set up by the Executive Council, for the purpose of assessing the budget estimates for the fiscal year, adjust the estimates as deemed fit and approve for further processing.

          Olabimtan said MTRS is the other side of the expenditure plan which is a bedrock for revenue sustainability in the State that provides the needed structure for long term revenue plans and projections in the coming years.

          The Budget Commissioner explained that “We must consider how much we need, how to raise such funds, how such funds will be judiciously expended, and how well such funds will be accounted for”.

          He added that since the institutionalisation of the MTRS, it had reduced considerably the time and gap between the requests of the Ministries, Department and Agencies, as well as the approved estimates they would eventually get.

          The Commissioner pointed out that the present administration has deviated from the era of allocating resources of government on programmes and projects that had not been properly articulated in MTEF and MTRS which had helped in improving the State Internally Generated Revenue to 80 percent as at September this year.