Nigeria Government plan to spend N6 Trillion in the year 2016 under the Medium Term Expenditure Framework (MTEF) with 30% allocated to capital expenditure. This was made known after serveral hours meeting by the Federal Executive Council (FEC) presided by President Muhammadu Buhari on Monday December 07, 2015.
FEC Meeting: Photo NAN
The highlights shows that Crude oil price is benchmarked at $38 per barrel and 2.2 million barrels per day.
FEC predicated the budget on $38 dollars of barrel of crude oil as benchmark for the MTEF
Minister of Budget and National Planning, Senator Udoma Udo Udoma, joined by Minister of Information, Lai Mohammed, and Minister of State for Budget and National Planning, Zainab Ahmed made this known to State House correspondents at the end of the meeting.
“The highlights are as follows: we project and we are working with $38 crude oil price, we consider that to be very conservative but because of the uncertainty, we felt that we should start with a conservative crude oil price" Senator Udoma said.
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