Minister of Budget and National Planning, Senator Udoma Udo gave indication in Abuja on Thursday during a public consultation with civil society organisations, media, organised private sector and general public on 2018-2020 Medium Term Fiscal Framework and Fiscal Strategy Paper.
The consultation started on Tuesday evening with leadership of national assembly and will continue on today (Friday) in Lagos.
Udoma said the document would be presented to Federal Executive Council in a fortnight and submitted to national assembly in October.
He explained that the budget would be based on oil production volume of2.30 million barrels per day,; budget oil benchmark of $45/barrel; exchange rate of N305/US$ and inflation rate of 12.42 percent.
In addition, government is projecting a nominal GDP of N133.975; GDP growth rate of 4.8 percent; non-oil GDP of 104.652 trillion and oil GDP of N29.323 trillion.
According to him, the projection consists of capital expenditure of N2.408 trillion exclusive of transfers; fiscal deficit of N2.777 trillion; gross domestic product of N113.4 trillion and debt to GDP ratio of2.45 percent.
Overall, gross federation account inflows of N10.387 is being projected for2018, which is slightly less than the N10.403 in 2017.
Udoma said the key thrusts of the 2018-2020 MATED/FSP are consistent with the goals of Economic Recovery and Growth Plan (ERGP), which is aimed at repositioning the economy on the path of diversified, sustainable and inclusive growth.
He explained that although oil sector slowed by-11.64 percent, non-oil sector grew by 0.72 percent first quarter of 2017.
“Government measures to boost the economy are yielding results and efforts at minimising disruptions in the Niger Delta has helped oil production, currently running at 2.2 million barrels per day (inclusive of 450,000 barrels per day of concentrates”, he disclosed.
It would be recalled that national assembly had on January 18 approved the 2017/2018 MTEF and Fiscal Strategy Paper (DSP) with a significant mark up in the oil price benchmark to $44.5 per barrel, up 4.0 per cent from $42.5 per cent contained in the original document submitted by the Presidency.
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