The Federal Executive Council (FEC) on Wednesday approved a budgetary proposal of ₦8.73 trillion for 2019 fiscal year, ₦400 billion lower than the 2018 budget.
The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, made this known when he briefed State House correspondents at the end of the Council’s meeting at the Presidential Villa, Abuja.
Udoma revealed that the council also approved the 2019/2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
According to him, the key assumptions highlights being proposed for 2019 budget included oil price benchmark of 60 dollars per barrel, oil production of 2.3 million barrels per day, an exchange rate of ₦305/$1, and GDP growth rate of 3.01%.
According to him, the document will be transmitted to the National Assembly for consideration.
