The federal executive council (FEC) has approved a budgetary proposal of 8.73 trillion naira for 2019 fiscal year, 400 billion naira lower than the 2018 budget of 9.12 trillion naira.
This was made known on Wednesday, October 24, 2018 by Udoma Udo Udoma, minister for budget and national planning while briefing journalists on the outcome of the council’s meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.
According to Udoma, the council also approved the 2019/2021 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP).
He said that the MTEF/FSP is 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 said 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 N305/$1, and GDP growth rate of 3.01%.
Zainab Ahmed, the minister of finance, also informed journalists that FEC approved that Nigeria should receive $1.5 million loan from Africa Development Bank for Lagos-Abidjan expressway.