SAN FRANCISCO, October 24, (THEWILL) – Nigeria’s Federal Cabinet known as the Federal Executive Council, FEC, Wednesday approved a Budget proposal of N8.73 trillion for the 2019 fiscal year which is about N400 billion lower than that of 2018 and benchmarked crude oil daily production at 2.3m barrels at $60 per barrel.
The breakdown was approved in the 2019-2021 Medium Term Expenditure Framework, MTEF, and Fiscal Strategic Paper, FSP, which will be transmitted by the president to the National Assembly for its consideration and approval.
Minister of Budget and National Planning, Senator Udoma Udo announced the development after the FEC meeting in Abuja.
He said the foreign exchange rate was pegged 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.
Also at the briefing, Minister of Finance, Zainab Ahmed, announce the approval of FEC for Nigeria to borrow $1.5 million from Africa Development Bank for the Lagos-Abidjan highway project.