THE Federal Executive Council (FEC) on Wednesday approved the 2019-2021 Medium Term Expenditure Framework (MTEF) and will now be sent to the National Assembly for its consideration and approval.
Also approved by the council presided over by President Muhammadu Buhari at the presidential villa, Abuja is the 2019 budget estimate of N8.73 trillion, about N400 billion lower than that of 2018.
Minister of Budget and National Planning, Udoma Udoma, who briefed State House correspondents after the meeting, explained that the MTEF was designed to transform the realization of the Economic Recovery and Growth Plan (ERGP) of the federal government.
ALSO READ:Â Ekiti gov poll: PDP submits materials for 11 LGAs to tribunal
The highlights of the 2019 budget proposal he gave showed that it is predicated on $60 per barrel, 2.3 million barrels per day, an exchange rate of N305 to a dollar and a Gross Domestic Product growth rate of 3.1%.
and then