The Federal Government of Nigeria has proposed N8.73trillion for next year’s budget.
The sum is N400bn lower than that of this year.
The Minister of Budget and National Planning, Udoma Udoma, stated this Wednesday at the end of the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the State House, Abuja.
Mr Udoma said the council has pegged the price of crude oil per barrel at $60, as well as exchange rate at $305, while daily crude oil production is put at 2.3m barrels per day.
He said Medium Term Expenditure Framework (MTEF) for 2019 to 2021 has been approved by the council and that it would soon be submitted to National Assembly for further consideration.