The House of Representatives today pass the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper.
The House Joint Committees of Appropriations and Finance laid their report on the MTEF/FSP at the plenary today, which was immediately considered and collectively adopted by the House.
The lawmakers approved the proposed 2.18 million barrels per day as production output for 2020, in view of intensive effort of the Nigerian National Petroleum Corporation and security agencies to combat the menace of oil theft and vandalisation.
They said that about #2.18mbpd will be realizable.
The lawmakers also adopted $57 per barrel as crude oil benchmark price for the fiscal year 2020, as proposed and also the exchange rate of N305 to a dollar was maintained for economic stability.
The House also stated that more work should be done by the Minister of Finance, Zainab Ahmed, and all economic advisers and her team to improve the economic growth by increasing the Gross Domestic Product and reducing the rate of inflation to single digit.