The National Assembly has unanimously adopted and approved Federal Government’s projections in the 2019-2021 Medium Term Expenditure Framework and Fiscal Strategy Paper ahead of 2019 budget passage.
Under the Fiscal Responsibility Act (FRA) 2007, the MTEF/FSP is a rolling three-year expenditure plan that details the Federal Government’s medium-term expenditure priorities and provides the basis for the preparation of the annual national budget.
Projections in the passed document include an anticipated oil output of 2.3 million barrel per day, oil price benchmark of $60 per barrel, an exchange rate of N305/ per dollar, GDP growth rate of three per cent and an inflation growth rate of 9.98 per cent. Passage of the MTEF and FSP is a pre-requisite for budget passage under the FRA.