OrderPaperToday – The Federal Government of Nigeria has proposed the sum of N8.73trillion for the 2019 budget.
The Minister of Budget and National Planning, Udoma Udoma, made this known on Wednesday at the end of the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari.
This amount is is N400bn lower than 2018’s budget of N8.6 trillion.
According to Mr Udoma, the council has pegged the price of crude oil per barrel at $60, as well as exchange rate at $305, while daily crude oil production is put at 2.3m barrels per day.
He also informed that the Medium Term Expenditure Framework (MTEF) for 2019 to 2021 has been approved by the council and would soon be submitted to National Assembly for legislative work.