The Federal Government has approved the Medium Term Expenditure Framework for 2017 to 2019 fiscal years signalling the beginning of the 2017 budget process. The Budget and National Planning Minister, Udoma Udo Udoma, disclosed this to State House correspondents at the end of this week’s Federal Executive Council meeting in Abuja.
The 2017 Budget will be based on the framework with the Council approving an oil price benchmark of 42.5 dollars per barrel for 2017. Oil price benchmarks of 45 dollars per barrel, and 50 dollars per barrel were also approved for 2018 and 2019 respectively.
Udoma also disclosed that oil production has been pegged at 2.2 million barrels per day for 2017, 2.3 million for 2018 and 2.4 million barrels per day for 2019. The framework will be forwarded to the National Assembly for approval.