FG Projects Tighter Budget in 2019, to Spend N8.6trn

Udoma Udo Udoma

* Considers $60bpd benchmark,2.3mpd oil production

By Ndubuisi Francis in Abuja

Yielding to increasing domestic and international realities, the federal government is targeting a tighter fiscal plan with a projected budget of N8.6 trillion in 2019.

The Minister of Budget and National Planning, Senator Udoma Udo Udoma, gave the indication in Abuja Thursday at a public consultation on the 2019 – 2021 Medium Term Fiscal Framework (MTEF) and Fiscal Strategy Paper (FSP).

The minister disclosed that the budget will be anchored on 2.3 million barrels per day (mbpd) oil production based a $60 per barrel benchmark. The budget is also predicated on an exchange rate of N305 per dollar, 9.98 per cent inflation rate and N139.65 tillion nominal gross domestic product (GDP). Details later…