The Federal Executive Council (FEC) on Wednesday approved a three-year Fiscal Strategy Framework from 2017 to 2019.
Identified as the Medium Term Expenditure Framework (MTEF), the process starts the process for the preparation of the 2017 budget.
The Minister of Budget and National Planning Senator Udo Udoma, explained after the Federal Executive Council (FEC) meeting that the Federal Government intends to intensify efforts in pursuing a non-oil driven economy.
He put the oil benchmark projections as follows: 2017, $42.5 per barrel; 2018, $45; and 2019, $50 and a production target of 2.2 million barrels per day.
According to him, the Federal Government also projected a “conservative” exchange rate of N290 to a dollar, with the expectation that the Naira would stabilize.