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$60 oil benchmark for N8.73tr Budget 2019

Published by The Nation on Thu, 25 Oct 2018


The oil benchmark assumption for Budget 2019 has been pegged at $60 by the Federal Executive Council (FEC), which also yesterdat approved the 2019/2020 Medium Term Expenditure Framework (MTEF) Fiscal Strategy Paper (FSP).Other key assumptions being proposed for the budget are oil production of 2.3 million barrels per day, exchange rate of N305/$1and GDP growth rate of 3.01 per cent.The projected N8.73 trillion 2019 budget is about N400 billion less than the N9.12 trillion 2018 budget.Read also:26% UNESCO funding benchmark a mythOkebukolaThe document will be transmitted to the National Assembly for consideration ahead of the presentation of the budget by President Muhammadu Buhari next month.Minister of Budget and National Planning Udoma Udo Udoma spoke to reporters after yesterdays FEC meeting.Udoma said: The MTEF/FSP that was approved today (yesterday) is designed to translate the strategic development objectives of the Economic Recovery and Growth Plan (ERGP) into a realistic and implementable budget framework for the medium term.As you know relevant inputs from engagements with stakeholders, the last of such engagements was just last week, the inputs from stakeholders were part of the document that was submitted.
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