The National Assembly yesterday received the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) for the 2019 - 2021 financial years for approval.
The documents were transmitted to both chambers of the National Assembly by President Muhammadu Buhari.
In two separate letters read by Senate President Bukola Saraki and Speaker Yakubu Dogara at plenary, Buhari said the the documents "were prepared against the backdrop of a generally uncertain global economic environment."
The president said the documents were also premised on challenges in domestic economy to ensure that planned spending was set at prudent and sustainable levels as well as consistent with government's overall developmental objectives and inclusive growth.
"I hereby forward the 2019-2021 MTEF and FSP to the Distinguished Senate (and House of Representatives), and trust that it would be expeditiously considered in order to bring the 2019 FGN budget preparation process to timely closure," the letter said.
Our correspondents report that the Federal Executive Council (FEC) had on October 24 approved the MTEF/FSP.
The Minister of Budget and National Planning, Senator Udoma Udo Udoma said an estimate of N8.73tr was proposed for next year's fiscal calendar, N400bn lower than that of this year.
He said FEC also pegged the price of crude oil per barrel at $60, exchange rate at $305 and daily crude oil production at 2.3m.
"The key highlights are the following assumptions which are being proposed for the 2019 budget. Oil price benchmark of $60, oil production of 2.3m barrel per day, exchange rate of $305, GDP growth rate of 3.01 percent. In addition, the MTEF project a budget size for 2019 of N8.73tr which is about N400bn less than the N9.12tr for 2018," he said.