FEC approves 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper

The 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper has been approved on Wednesday by the Federal Executive Council, with N12.66 trillion budget projection for each of the three fiscal years.

The approval was given at a virtual meeting of the council presided over by President Muhammadu Buhari.

Mr Clement Agba, the Minister of State for Finance, Budget and National Planning, briefed State House correspondents at the end of the meeting.

He listed other projections in the budget to include $40 per barrel oil benchmark, oil production volume of 1.6 million barrel per day, inflation rate of 11.9 per cent, projected gross domestic growth rate of three percent and revenue target of N7.50 trillion.

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