Nigeria: FEC Approves N8.7trn Budget for 2019, Pegs Oil Price At $60bp

25 October 2018

The Federal Executive Council yesterday approved a budget size of N8.73trillion for the 2019 fiscal year, which is about N400billion naira less than N9.12trillion budgeted for 2018.

It also okayed an oil price benchmark of $60 US dollars, with oil production of 2.3million barrels per day, exchange rate of N305 per US dollars and a GDP growth rate of 3.01 per cent. This is even as the government approved the 2019 to 2021 Medium Term Expenditure Frameworks (MTEF) and Fiscal Strategy Paper FSP. Minister of Budget and National Planning, Udo Udoma, disclosed this after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the presidential villa, Abuja. Udoma said the MFTEF/FSP, which will soon be submitted to the National Assembly for approval, is designed to translate the strategic development objectives of the economic Recovery and Growth Plans (ERGP) into a realistic and implementable budget framework for the medium term. He said, "Today Federal Executive Council (FEC) approved the 2019 2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) and it was approved and it will be submitted to the National Assembly for their consideration. "The MTEF/FSP that was approved today 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.

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