News

August 9, 2017

FEC approves 2017-2020 MTEF

FEC approves 2017-2020 MTEF

From left: Minister of Science and Technology, Dr Ogbonnaya Onu; Minister of State for Power, Works and Housing, Alaji Mustapha Shehuri ; Minister of Water Resources, Alhaji Suleiman Adamu and Minister of Solid Mineral, Dr Kayode Fayemi at the Federal Executive Council Meeting in Abuja

…Projects 2.3m barrel per day at $45
By Johnbosco Agbakwuru

ABUJA – THE Federal Executive Council on Wednesday adopted the 2017-2020 Medium Term Expenditure Framework, Fiscal Strategic Plan, FSP.

From left: National Security Adviser, Brig.-Gen. Babagana Mongulu; Head of Civil Service of the Federation, Mrs Winifred
Oyo-Ita; Chief of Staff, Alhaji Abba Kyaria and the Acting President Yemi Osinbajo at the Federal Executive Council Meeting in Abuja on Wednesday

The Minister of Budget and Economic Planning, Udo Udoma said the Federal Government hopes to achieving seven percent growth in 2020 in accordance with the administration’s Economic Recovery and Growth Plan.

He also said that the crude oil projection was 2.3 million per barrel at $45 and exchange rate of N305.

He further disclosed that so far N1.3 trillion had been released as capital project from the 2017 budget.