– The federal government has proposed a N8.73 trillion budget for the 2019 fiscal year
– The proposed sum is lower than that of 2018
– The govt has also approved the Medium Term Expenditure Framework (MTEF) for 2019 to 2021
A N8.73trillion budget has been proposed for 2019, by the Muhammadu Buhari-led federal government.
The development was made public by the minister of budget and national planning, Udoma Udoma, at the end of the Federal Executive Council (FEC) meeting on Wednesday, October 24, Premium Times reports. READ ALSO: Policeman kills ex-minister’s daughter for reportedly refusing to open car door Unilag Efiwe gathers that the sum is lower than that of 2018.
Speaking further, the minister disclosed that the FEC pegged the price of crude oil at $60 per barrel, as well as exchange rate at $305. Also, daily crude oil production was put at 2.3m barrels per day. He also said the council had approved the Medium Term Expenditure Framework (MTEF) for 2019 to 2021, and that it would soon be submitted to the National Assembly for further consideration.
The development was made public by the Minister of State for Budget and National Planning, Zainab Ahmed.