Minister of Budget and National Planning, Udo Udoma, on Wednesday, said the Federal Government had proposed N8.73 trillion for next year’s fiscal calendar, N400 billion lower than that of this year.
Udoma made this known at the end of the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the State House Villa, Abuja.
He said the council has pegged the price of crude oil per barrel at $60, exchange rate at N305/dollar and daily crude oil production at 2.3 million barrels per day.
The minister said Medium Term Expenditure Framework (MTEF) for 2019 to 2021 has been approved by the council and that it would soon be submitted to the National Assembly for further consideration.
