Advertisements
For the fiscal year 2016, the Federal Government has proposed a budget of N6 trillion, allocating 30 percent of the budget to capital expenditure.
It has also approved and submitted the Medium Term Expenditure Framework ( MTEF), to the National Assembly.
It has also approved and submitted the Medium Term Expenditure Framework ( MTEF), to the National Assembly.
Speaking after the Federal Executive Council (FEC) presided over by President Muhammadu Buhari at the Presidential Villa, Abuja on Monday, the Minister of National Planning and Budget, Udo Udoma stated that the in view of the current economic realities, FEC predicated the budget on $38 dollars of barrel of crude oil as benchmark for the MTEF.
He said: “At today’s Council, the Council approved the Medium Term Expenditure Framework, MTEF which sets out the policies of government over the next years. It sets out the fundamental economic underpinning of the budget.
“The highlights are as follows: we project and we are working with $38 crude oil price, we consider that to be very conservative but because of the uncertainty, we felt that we should start with a conservative crude oil price.
Advertisements
