FEC approves N8.73trn budget proposal for 2019 fiscal year

A budget proposal of N8.73 trillion has been approved for 2019 fiscal year by the Federal Executive Council.

The budget proposal was approved during the FEC meeting presided over by President Muhammadu Buhari on Wednesday.

The proposed sum indicates a N400 billion difference from the N9.12 trillion budget in 2018.

According to Udoma Udo Udoma, minister for budget and national planning, the council also approved the 2019/2021 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP).

He said the MTEF/FSP will translate the strategic development objectives of the Economic Recovery and Growth Plan (ERGP) to realistic and implementable budget framework for the medium term.

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Udoma added that the key assumptions considered in the budget proposal included oil price benchmark of $60 dollars per barrel, oil production of 2.3 million barrels per day, an exchange rate of N305/$1, and GDP growth rate of 3.01%.

The budget proposal will now be transmitted to the national assembly for approval.