House of Representatives has approved the 2020 to 2022 Medium Term Expenditure Framework, MTEF submitted to it by President Muhammadu Buhari.
In the approval, the House jerked up the 2020 budget size from N10.002 trillion contained in the MTEF to N10,729.4 trillion.
It also adopted $57 as a benchmark as the price for a barrel of oil in the international market, placing N305 per dollar as official exchange rate while adopting production of 2.18 million barrels of crude per day.
The House gave the approval at the Committee of Supply when it considered the MTEF on Thursday.
Part of the resolutions read thus: “That the total expenditure of the Federal Government should be an increase from N10.002 trillion to N10,729.4.
“adoption of $57/barrel as the crude oil benchmark price for the fiscal year 2020.
“That the exchange of N305/$ should be maintained for economic stability while more work should by Honourable of Finance and all economic advisers and her team on improving economic growth by increasing the GDP and reducing the inflation rate to a single digit.”
Details coming shortly…