TheCable

The federal executive council (FEC) has approved a budgetary proposal of N8.73 trillion for 2019 fiscal year, N400 billion lower than the 2018 budget.

This figure is N400 billion lesser than the N9.12 trillion 2018 budget.

Udoma Udo Udoma, minister for budget and national planning, made this known on Wednesday while briefing journalists on the outcome of the council’s meeting.

The meeting was presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

Udoma said the council also approved the 2019/2021 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP).

According to him, the MTEF/FSP is designed to translate the strategic development objectives of the Economic Recovery and Growth Plan (ERGP) to realistic and implementable budget framework for the medium term.

He said the key assumptions highlights being proposed for 2019 budget included oil price benchmark of $60 dollars per barrel, oil production of 2.3 million barrels per day, an exchange rate of N305/$1, and GDP growth rate of 3.01%.

According to him, the document will be transmitted to the national assembly for consideration.

Zainab Ahmed, the minister of finance, told journalists that FEC approved that Nigeria should receive $1.5 million loan from Africa Development Bank for Lagos-Abidjan expressway.