The Federal Executive Council (FEC) yesterday approved the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Papers (MTEF/FSP), setting new parameters ahead of its presentation to the National Assembly.
Also, the FEC granted approval for contracts, cutting across the Ministry of Works and Housing, Ministry of Aviation and the National Drug Law Enforcement Agency (NDLEA), summing up to N17,529,615,864.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, made this known while briefing State House Correspondents at the end of the week’s virtual meeting, presided over by President Muhammadu Buhari, at the Presidential Villa, Abuja.
According to her, the ministry got input from the Council and will make the adjustments, for onward presentation to the National Assembly. She explained that the price of crude for the MTEF had been pegged at $70 per barrel in 2023; $66 in 2024 and $62 in 2025. “Crude oil production is projected to be 1.69million bpd for 2023 and 1.813million bpd for both 2024 as well as 2025.
