President Muhammadu Buhari has forwarded the 2019-2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for consideration and approval.
Senate President, Bukola Saraki read the letter containing the fiscal document on the floor of the Senate on Tuesday.
The MTEF and FSP lay the framework for the 2019 budget which members of the National Assembly are expected to debate and approve to pave the way for the presentation of the 2019 budget.
In a letter addressed to the Senate President, President Buhari called for quick consideration and approval of the document.
At a public consultation last week in Abuja, the Minister of Budget and National Planning, Udoma Udo Udoma and the Director-General of the Budget Office, Ben Akabueze had unveiled a draft of the 2019-2021 MTEF and FSP.
They explained that the Federal Government would reduce the 2019 budget from N9.1 trillion this year to N8.6 trillion in 2019.
The key parameters of the 2019 budget are premised on an oil production volume of 2.3 million barrels per day at $60 per barrel, exchange rate of N305 per dollar, inflation rate of 9.98% and a nominal GDP rate of 3.0%.
Also while N6.9 trillion has been projected as available to fund the budget, debt service for the same fiscal year is estimated at N2.1 trillion.
Other key highlights for the 2019 budget from the MTEF and FSP document include: Share of oil revenue N3.6 trillion, independent revenue N624 billion, statutory transfer N506 billion, sinking fund N220 billion, recurrent (non-debt) N4.7 trillion, aggregate capital expenditure N2.7 trillion among others.
Tags: 2019 budget