The Federal Executive Council (FEC) has approved the 2019 – 2021 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP).
Minister of Budget and National Planning, Udo Udoma, disclosed this to State House correspondents at the end of the FEC meeting on Wednesday.
He said the documents contain strategic plans which would help achieve the development objectives of the Federal Government’s Economic Recovery and Growth Plan.
The documents, according to him, would be transmitted to the National Assembly.
Senator Udoma also said that the MTEF was based on the assumptions of sixty dollars per barrel, production of two point two million barrels per day, an exchange rate of three hundred and five naira per dollar, and a Gross Domestic Product (GDP) growth of three point zero one per cent.
He revealed that the budget estimate for the 2019 fiscal year is eight point seven, three trillion naira.
Meanwhile, the Council approved a credit facility of one point five million dollars from the Africa Development Bank for the Abidjan-Lagos corridor road project.
It also approved a contract for the rehabilitation of the Lagos-Badagry Expressway, specifically the forty-six kilo-meters Section from Agbara-Badagry-Seme Border.
President Muhammadu Buhari presided over the FEC meeting held inside the council chamber of the Presidential Villa in Abuja.
The meeting was attended by Vice President Yemi Osinbajo and the Secretary to the Government of the Federation, Mr Boss Mustapha.
Ministers present are Abubakar Malami (justice), Audu Ogbeh (agriculture), Lai Mohammed (information), Abdulrahman Dambazau (interior), and Chris Ngige (labour and employment) among others.