The Edo State Government has revealed that it is partnering with the World Bank on its Medium-Term Expenditure Framework (MTEF) and Medium Term Sector Strategy (MTSS), for efficient allocation of resources and engender inclusive growth.
Special Adviser to the Governor on Budget, Mr. Joseph Eboigbe, disclosed this in a chat with journalists in Benin City, noting that recommendation to go into the document was drawn from the Alaghodaro Investment Summit and factored in the designing of the state’s 2018 budget.
MTSS presents policy priorities or strategic objectives that define activities, which a budget is designed to achieve while the MTEF, an annual, rolling three-year expenditure plan, sets out the medium-term expenditure priorities and hard budget constraints against which sector plans can be developed and refined.
Eboigbe said that the imperative for the partnership was for the state to better manage its budgeting process, ensure transparency in the allocation of resources and drive development across different sectors of the state.
He added that some of the recommendations from the maiden Alaghodaro Investment Summit were considered, noting that the state government is working assiduously to ensure that reforms that will drive industrialisation are pursued.
The state government has long standing partnerships with international organisations, which are diversified in areas of funding, knowledge exchange, and recently resulted in the establishment of a United Nations Institute for Training and Research (UNITAR).
The state has also pursued reforms that have enabled it access funds to augment its budget.
On the partnership with the World Bank, Eboigbe said, “a World Bank consultant is working with the state government on the state’s Medium-Term Sector Strategy and medium-term expenditure framework.”
“The key summit recommendations from Alaghodaro are included in the document. The MTSS and MTEF influenced our budget. We intend to see the summit recommendation impact on the people,” he added