Senate passes 2020-2022 MTEF, FSP

The Senate has approved the recommendations of the committee on Finance and National Planning on the 2020-2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

The Senate approved the recommendations during it s plenary on Thursday, October 3, in Abuja.

Meanwhile, Legit.ng reported that the minister of finance, budget and national planning, Zainab Ahmed, had said that the federal government would propose about N9.79 trillion as total expenditure in the 2020 budget to the National Assembly.

Ahmed made the disclosure at a public consultation forum with civil society groups and agencies on the draft 2020-2022 Medium Term Expenditure Framework (MTEF) on Tuesday, September 10.

Legit.ng noted that the figure represents a 9.75 per cent increase from the N8.916 trillion spending for 2019.

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Ahmed said the budget’s key assumptions were based on crude oil price of $55 per barrel, against $60 per barrel in 2018, an oil production capacity of 2.18 million barrels per day, and an exchange rate of N305 to the dollar.

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Source: Legit.ng