The Ebonyi State House of Assembly has passed a Resolution for the adoption of the Medium Term Expenditure Framework for the duration of the 2024-2026 financial year by the State Government.
The purpose of the document is to provide an informed basis for the 2024—–2026 budget preparation cycle for all the key stakeholders
Speaking on the importance of the document, the Speaker of Ebonyi State House of Assembly Rt Hon Chief Moses Ije Odunwa said that FSP is a key element in Ebonyi State Government Medium Term Exoenditure Framework process and annual budget, As such it determines the resources available to fund the Government’s growth poverty reduction programme from a fiscal sustainable perspective.
Quoting the State Fiscal Responsibility Law which provides for Medium Term Expenditure Framework in the State, the Speaker said the passage of the Resolution would engender the implementation of the political promises and Peoples Charter of Needs Manifesto of the State Governor.
Chief Odunwa maintained that the medium-term resolution was a conscious way of applying discipline by the government in its expenditures and described the speedy passage as deserving.
Contributig the Leader of the House,Rt Hon Chief Kingsley Ikoro said the presentation of the medium-term resolution for passage by Governor Nwifuru showed his prudent disposition in handling the meager resources of the State and expressed optimism that the outcome of the passage would benefit the State and enjoined his colleagues to support the motion.
In their remarks, the Chief whip of the House and member Representing Edda West Rt Hon Prince Nkemka Okoro Onuma, the member representing Ezza South Hon . Friday Ogbuewu, and his Izzi West counterpart Hon Godwin Abiri Representing Izzi West Constituency opined that the resolution was apt given the current economic reality in the country.
They strongly maintained that the resolution would improve budget formulation and curtail the culture of extravagant spending as well improve the economy of the State.
Hon Chikezie Igu Nwankwo representing Ohaozara East and Hon Onyebuchi Ogbadu Representing Ivo Constituency inferred that the resolution was in line with the International Budgetry Standard and a financial clear road map through which the State could rely on during budget.
The Resolution which was exaustively deliberated on was unanimously adopted by Honourable members.
Now that the House of Assembly has passed the Medium-Term Expenditure Framework for 2024-2026, it is expected that the state Ministries, Departments, and Agencies would reflect the same in their 2024 budget preparation.
The Clerk was directed by the Speaker to do a memo conveying the resolution to the State Goverrnor.