The Federal Executive Council (FEC) on Wednesday approved the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to kick-start the 2021 budget process.
The MTEP projects N12.66 trillion budget for each of the three fiscal years.
The Minister of State for Finance, Budget and National Planning, Clement Agba, disclosed this to State House correspondents at the end of the virtual FEC meeting presided over by President Muhammadu Buhari.
According to him, the MTEF projections include $40 per barrel oil benchmark, oil production volume of 1.6 million barrel per day, an inflation rate of 11.9 percent, projected Gross Domestic Product (GDP) growth rate of three percent and revenue target of N7.50 trillion.
The Federal Government had last week released the 2021-2023 MTEF/FSP.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who presented the document at a Public Consultative Forum on the 2021-2023 MTEF/FSP, said the federal government was projecting N6.98 trillion aggregate revenue from available sources.
She added that the 2021-2023 MTEF/FSP would provide the framework for the development of the 2021 budget against the backdrop of current challenges in the global macroeconomic environment and domestic factors.
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