FEC approves 2021-2023 MTEF, projects N12.6trn budget for each year

The Federal Executive Council (FEC), on Wednesday, approved the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) with N12.66 trillion budget projection for each of the three fiscal years.

Briefing State House correspondents at the end of the FEC meeting presided by President Muhammadu Buhari which lasted well over eight hours, the Minister of State for Finance, Budget and National Planning, Clement Agba, listed other projections in the budget.

These included $40 per barrel oil benchmark, oil production volume of 1.6 million barrel per day, inflation rate of 11.9 per cent, projected gross domestic growth rate of 3 per cent and revenue target of N7.50 trillion.

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