The Federal Executive Council (FEC) on Wednesday approved a budgetary proposal of N8.73 trillion for 2019 fiscal year, N400 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.
The meeting was presided over by President Muhammadu Buhari 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 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.
He 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, exchange rate of N305/$1, and GDP growth rate of 3.01 per cent.
He said that the MTEF projects budget for 2019 of N8.73 trillion, which is about N400 billion less than N9.12 trillion for 2018.
According to him, the document will be transmitted to the National Assembly for consideration.
The Minister of Finance, Hajiya Zainab Ahmed, also disclosed that FEC approved that Nigeria should receive 1.5 million dollars loan from Africa Development Bank for Lagos-Abidjan expressway.