The Federal Executive Council, FEC, has pegged $42.5 benchmark for oil for the 2017 budget as it approves a two year Medium Term Expenditure Framework, MTEF.
The MTEF approved on Wednesday by the FEC covers 20176 to 2019.
This was disclosed by the Minister of Budget and National Planning, Udoma Udo Udoma, while briefing State House correspondents at the end of the Federal Executive Council meeting, adding that the 2017 budget would be based on it.
The meeting was presided over by President Muhammadu Buhari.
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The MTEF, according to Udoma, pegged the oil price benchmark at $42.5 per barrel for 2017, $45 per barrel for 2018 and $50 per barrel for 2019.
Also, the framework pegged oil production for 2017 at 2.2 million barrels per day, 2.3 million barrels per day for 2018 and 2.4 million barrels per day for 2019.
The FEC also pegged growth rate at 3 per cent for 2017, 4.26 per cent for 2018 and 4.04 per cent for 2019, while naira’s exchange rate was projected at N290 to $1.
The framework, as approved by the executive arm of government, will however require the nod of the National Assembly.
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