Conflicting oil, inflation exchange rate forecasts behind budget gaps — FG

The Federal Government of Nigeria has acknowledged that conflicting macroeconomic projections from various agencies responsible for fiscal and monetary policy have contributed to budget underperformance. To address this issue, the Economic Management Team (EMT) has established a committee to harmonise key assumptions used for budgeting and economic planning.

The committee will focus on developing a common set of macroeconomic assumptions for factors such as crude oil prices, production volumes, exchange rates, inflation, and non-oil revenues. This move aims to reduce discrepancies between budget expectations and actual economic outcomes, providing more credible planning for investors and the public.

The EMT has also expanded its responsibilities to include regular reviews of macroeconomic performance, stronger fiscal and monetary policy coordination, and monitoring of the Renewed Hope Agenda.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.