Nigeria, on Wednesday approved N8.73 trillion budget proposal for the 2019 fiscal year, benchmarking oil price at $60 a barrel.
Oil production of 2.3million barrels per day, exchange rate of N305 to $1 and a GDP growth rate of 3.01 percent, was also proposed for 2019 by the Federal Executive Council (FEC).
The 2019 budget proposal by the FEC is about N400billion less than the N9.12trillion budgeted for 2018.
Udo Udoma, Minister for Budget and National Planning, disclosed after the FEC meeting presided over by President Muhammadu Buhari at the presidential villa, Abuja, that the government also approved the 2019 to 2021 Medium Term Expenditure Frameworks (MTEF) and Fiscal Strategy Paper (FSP).
He explained that 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 relevant inputs from engagements with stakeholders were part of the document that was submitted.
Minister of Finance, Mrs. Zainab Ahmed, also disclosed at the briefing on the sidelines of the FEC meeting, that the Council approved for a loan of $1.5 million from the African Development Fund to finance the multinational Lagos to Abidjan corridor highway development project study.