The Federal Executive Council (FEC) has approved the 2019 – 2021 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP).
Minister of Budget and National Planning, Udo Udoma, disclosed this to State House correspondents at the end of the FEC meeting on Wednesday.
He said the documents contain strategic plans which would help achieve the development objectives of the Federal Government’s Economic Recovery and Growth Plan. The documents, according to him, would be transmitted to the National Assembly.
Senator Udoma also said that the MTEF was based on the assumptions of $60 per barrel, production of 2.2 million barrels per day, an exchange rate of N305 per dollar, and a Gross Domestic Product (GDP) growth of 3.01 per cent.
He revealed that the budget estimate for the 2019 fiscal year is N8.73 trillion.
Meanwhile, the Council approved a credit facility of $1.5million from the Africa Development Bank for the Abidjan-Lagos corridor road project. It also approved a contract for the rehabilitation of the Lagos-Badagry Expressway, specifically the 46km Section from Agbara-Badagry-Seme Border.