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2019 Budget: FG to project N8.7t

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Pegs crude oil price at $60 per barrel

 THE Federal Executive Council (FEC) yesterday approved the Medium Term Expenditure Framework (MTEF) Fiscal Strategy Paper (FSP) for 2019-2021 planning period.

Disclosing the approval to State House correspondents after weekly FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja, Minister of Budget and National Planning, Udoma Udo Udoma said that MTEF/FSP budgetary paradigm is designed to translate strategic development objectives of Economic Recovery and Growth Plan (ERGP) to realistic and sustainable budget framework for medium term planning.

According to him, inputs from stakeholders form key components of the final document, adding that crucial assumptions highlights proposed for 2019 budget include oil price benchmark of $60 per barrel, oil production of 2.3 million barrels per day, exchange rate of N305/$1, and GDP growth rate of 3.01per cent.

The minister also explained that targeting N8.73 trillion budget for 2019 of, the MTEF projection is less than N9.12 trillion for 2018 by about N400 billion, stressing that the document will be transmitted to National Assembly for consideration.

Similarly, FEC approved $1.5 million loan from Africa Development Bank for Nigeria to fund Lagos-Abidjan Expressway, according to Minister of Finance, Zainab Ahmed.

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