The Medium Term Expenditure Framework, MTEF, for 2017 to 2019 approved on Wednesday, August 24, by Federal Executive Council, FEC, projected an ambitious growth rate at 3 per cent for 2017, 4.26 per cent for 2018 and 4.04 per cent for 2019.
The Minister of Budget and National Planning, Udoma Udo Udoma told State House correspondents at the end of the meeting presided over by President Muhammadu Buhari that oil price benchmark in the MTEF which the 2017 budget will be based was put at $42.5 per barrel, $45 per barrel for 2018 and $50 per barrel for 2019.
With exchange rate projected at N290 to $1, Udoma put oil production in the framework to be forwarded to the National Assembly for approval at 2.2 million barrels per day for 2017, 2.3 million barrels per day for 2018 and 2.4 million barrels per day for 2019.
