President Buhari on Wednesday sent the 2020/2022 medium term expenditure framework (MTEF) and Fiscal strategy paper (FSP) to the national assembly for consideration.
The MTEF/FSP contains the benchmark in which the 2020 budget would be worked upon, focusing on key developments in the global and domestic environment.
The key points of the documents include – Pegging of the projected budget profile for the year at N8.7trn, $55 oil price benchmark as against $60 used for the N8.9trn 2019 budget. Also, 2.1m barrel oil production per day as against 2.3 m barrels per day was approved for the 2019 budget.
However, Buhari in his letter read on the plenary by the President of theSenate Ahmad Lawan, urged the lawmakers to give the document a top priority in dealing with legislative matters.