The Federal Government has approved the establishment of an inter-agency committee to harmonise the macroeconomic assumptions used in preparing the country’s budgets and economic plans.

The committee will bring together relevant fiscal and monetary authorities to ensure that government agencies work with consistent economic projections when making key policy and financial decisions.

Among the indicators to be harmonised are crude oil prices, oil production volumes, exchange rates, inflation rates and non-oil revenue projections.

The move is aimed at improving coordination among government institutions and ensuring greater consistency in the assumptions underpinning the federal budget and broader economic planning.

The harmonisation is also expected to strengthen fiscal planning, improve revenue and expenditure projections, and reduce inconsistencies in economic forecasts used by different government agencies.