The Federal Executive Council (FEC) yesterday approved the 2019-2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The document shows a budget estimate of N8.73 trillion for the 2019 fiscal year. The projection, according to Minister of Budget and National Planning Udoma Udoma would be transmitted to the National Assembly for legislative approval.
Udoma explained that the MTEF/FSP is specifically designed to translate the strategic development objectives of the Economic Recovery and Growth Plan (ERGP) into an implementable budget framework for the medium term.
Key highlights include oil price benchmark of $60, oil production of 2.3 million barrels per day, exchange rate of N305 to 1USD, Gross Domestic Product (GDP) growth rate of 3.01 per cent and a budget size of N8.73 trillion, about N400 billion less than the N9.2 trillion of 2018.
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