President Muhammadu Buhari has written the House of Representatives seeking approval for the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). The Speaker, Femi Gbajabiamila, read Buhari’s letter at the opening of plenary on Tuesday.
The Federal Executive Council had on Wednesday approved the MTEF/FSP, with N12.66tn budget projection for each of the three fiscal years. The approval was given at a virtual meeting of the council presided over by Buhari.
The Minister of State for Finance, Budget and National Planning, Mr Clement Agba, had listed other projections in the budget to include $40 per barrel oil benchmark, oil production volume of 1.6 million barrel per day, inflation rate of 11.9 per cent, projected gross domestic growth rate of three percent and revenue target of N7.50 trillion.