The Federal Executive Council (FEC) has approved the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) with N12.66 trillion budget projection for each of the three fiscal years.
Briefing State House Correspondents at the end of the eighth virtual FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa Abuja, the Minister of State for Finance, Budget and National Planning, Clement Agba, listed other projections in the budget as $40 per barrel oil benchmark, the oil production volume of 1.6 million barrels per day, the inflation rate of 11.9 per cent, projected gross domestic growth rate of 3 per cent and revenue target of N7.50 trillion.
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He explained that For Nigeria, it was projected that by the end of this year, the country should have the GDP top at -4.42 percent. However, with the stimulus if properly done and executed, the GDP is expected to improve to about negative -1.8 percent.
He added that revenue projection, for 2020 was N5.84 trillion but expects that of 2021 to be N7.50 trillion.
(Editor, Nkoli Omhoudu)
