Nigeria has projected N8.73 trillion for 2019 budget, about N400 billion less than the N9.12 trillion for 2018.
Under the arrangement, oil benchmark assumption has been pegged at $60 by the Federal Executive Council (FEC), which also on Wednesday approved the 2019/2020 Medium Term Expenditure Framework (MTEF) Fiscal Strategy Paper (FSP).
Other key assumptions being proposed for the budget are oil production of 2.3 million barrels per day, exchange rate of N305/$1 and GDP growth rate of 3.01 per cent.
The document will be transmitted to the National Assembly for consideration ahead of the presentation of the budget by President Muhammadu Buhari in November .
Minister of Budget and National Planning Udoma Udo Udoma spoke to reporters after yesterday’s FEC meeting.
Udoma said: “The MTEF/FSP that was approved today (yesterday) is designed to translate the strategic development objectives of the Economic Recovery and Growth Plan (ERGP) into a realistic and implementable budget framework for the medium term.
“As you know relevant inputs from engagements with stakeholders, the last of such engagements was just last week, the inputs from stakeholders were part of the document that was submitted.