The Federal Executive Council on Wednesday approved the 2019-2021 Medium-Term Expenditure Framework and Fiscal Strategy Paper in furtherance of the Federal Government’s efforts to consolidate on the modest mileage recorded on the nation’s economic recovery drive.
In addition, the council approved also the government’s proposed N8.73 trillion budgetary provisions for the 2019 fiscal year.
The Minister of Budget and National Planning, Udo Udoma, who confirmed the FEC decisions while briefing State House correspondents at the Presidential Villa, Abuja shortly after the meeting, said that with the approval the MTEF and FSP would be sent to the National Assembly.
On the fiscal projections the 2019 Appropriation Bill is anchored, Udoma said that the council pegged the price of crude oil for the proposed 2019 budget at $60 per barrel, exchange rate at N305/dollar and daily crude oil production at 2.3 million barrels per day.
The minister clarified: “Today (Wednesday), the Federal Executive Council approved the 2019-2021 Medium-Term Expenditure Framework and Fiscal Strategy Paper, and they will be submitted to the National Assembly for consideration.
“The MTEF/FSP that was approved is designed to translate the strategic development objectives of the Economic Recovery and Growth Plan into a realistic and implementable budget framework for the medium term.
“As you know, relevant inputs from engagements with stakeholders, the last of such engagements was just last week, were part of the document that was submitted.”
“The key highlights are the following assumptions, which are being proposed for the 2019 budget: oil price benchmark of $60; oil production of 2.3 million barrels per day; exchange rate of N305 per US dollars; and GDP growth rate of 3.01 per cent.
“In addition, the MTEF projects a budget size in 2019 of N8.73tn, which is about N400bn less than the N9.12tn for 2018”, Udoma added.
