2018 budget to predicted on $45 oil bench mark–Udoma
Federal Government Wednesday approved the 2018-2020 Medium Term Expenditure Framework, (MTEF) and the Fiscal Strategic Paper, (FSP) with the commitment to achieving seven per cent growth rate by 2020 in accordance with the Economic Recovery and Growth Plan. (ERGP)
. This is as the Federal Executive Council, (FEC), has approved the refinancing of Treasury Bill to $3 billion about N900 billion.
Briefing State House Correspondents after the weekly FEC meeting at the Council Chamber Wednesday, the Minister of Budget and Economic Planning, Udo Udoma said that the 2018 budget was predicted on oil projection of 2.3 million barrels and also at $45 per barrel.
The Minister said that the exchange rate for the 2018 fiscal year was pegged at N305 which was the official amount fixed by the nation’s apex bank, the Central Bank of Nigeria, (CBN).
According to the Budget and Economic Planning Minister, “The Federal Executive Council approved the 2018-2020 Medium Term Expenditure Frameworks and the Fiscal Strategy Paper. As you know, we have been having extensive consultations in the last few weeks with the governors, members of the public, leadership of the National Assembly about the medium term expenditure framework.”