FEC begins 2017 budget preparation, approves MTEF

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Minister of Budget and National Planning, Senator Udoma Udoma.

The Federal Executive Council has approved the Medium Term Expenditure Framework and Fiscal Strategy Paper for 2017 to 2019, thus kick-starting the preparation of the 2017 budget. The approval was given at a meeting of the council presided over by President Muhammadu Buhari.

The Minister of Budget and National Planning, Senator Udo Udoma; the Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah; and the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, briefed State House correspondents about the meeting outcome.

Udoma gave the highlights of the approved document to include oil price benchmark of $42.50 for 2017; $45 for 2018; and $50 for 2019. In terms of oil production, he said the government would retain this year 2.2 million barrels per day for 2017; 2.3 million barrels per day for 2018; and 2.4 million barrels per day for 2019.

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