President Buhari yesterday presided over the Federal Executive Council
meeting and approved N6 trillion expenditure for 2016 Budget under the
Medium Term Expenditure Framework (MTEF). Minister of Budget and
National Planning, Senator Udoma Udo Udoma, spoke with State House
correspondents at the end of the meeting. According to him, an oil
price of $38 per barrel of crude oil and 2.2 million production barrels
per day were projected in the framework.
"At yesterday's Council, the Council approved the Medium Term Expenditure
Framework, MTEF which sets out the policies of government over the next
years. It sets out the fundamental economic underpinning of the budget.
The highlights are as follows: we project and we are working with $38
crude oil price, we consider that to be very conservative but because of
the uncertainty, we felt that we should start with a conservative crude
oil price."he said
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