During an interactive session on the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper, the President of the Nigerian Senate, Godswill Obot Akpabío, highlighted the economic pressure caused by the ongoing Russian-Ukraine war.
The session, attended by senior government officials and representatives from various ministries and agencies, focused on the strategic importance of the 2024-2026 economy for national development.
Akpabio emphasized that the timing of the session was crucial to maintaining the established January-December budget cycle and the constitutional role of appropriation. He acknowledged the international economic repercussions of the intractable Russian-Ukraine conflict and the recent Israeli-Palestinian war, which have had consequences for Nigeria’s economic outlook. Additionally, he mentioned the ongoing reforms in the foreign exchange system and the removal of subsidies on petroleum products as factors affecting the economy.
The Senator stressed the need to address security challenges, stimulate employment, and promote economic growth for the benefit of the nation. While acknowledging the current economic hardship faced by Nigerians, Akpabio expressed hope that the 2024-2026 MTEF would serve as a mitigating measure.
He encouraged open and frank discussions on all parameters and indices outlined in the 2024-2026 MTEF/FSP, emphasizing the importance of not shying away from addressing the challenges at hand.