The Federal Executive Council (FEC), on Wednesday, approved the 2019-2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategic Paper (FSP) now to be sent to the National Assembly for its consideration and approval.
FEC also approved a budget proposal of N8.73 trillion for the 2019 fiscal year which is about N400 billion lower than that of 2018.
The Minister of Budget and National Planning, Senator Udoma Udo disclosed this to State House correspondents after the weekly FEC presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.
He also disclosed that the oil price was pegged at $60 per barrel, oil production at 2.3 million per day, exchange rate is put at N305 per dollar, while the GDP growth rate was put 3.01 percent.
He said that the MTEF/FSP was designed to translate the strategic development objectives of the Economic Recovery and Growth Plan (ERGP) to realistic and implementable budget framework for the medium term.
The Minister of Finance, Mrs Zainab Ahmed, also disclosed that FEC approved Nigeria to receive $1.5 million loan from Africa Development Bank for Lagos-Abidjan expressway.
