Iyobosa Uwugiaren in Abuja
The Budget and National Planning Minister, Senator Udoma Udo Udoma, yesterday told the Senate Committee on Finance that some slight adjustments had been effected on the 2019 Medium Term Fiscal Framework and Fiscal Strategy Paper (MTEF/FSP) between when it was approved by the Federal Executive Council and the finalisation of the 2019 Budget Proposals.
The Special Adviser (Media and Communication) to the minister, Mr. Akpandem James, quoted Udoma as saying this while briefing the committee on the 2019 Revenue and Expenditure Projections.
He said that the adjustment only affected the expenditure levels as it was done to reflect some unanticipated expenditure items and the consequences of those adjustments.
The key assumptions and macro-framework of the 2019 Budget targets 2.3 million barrels per day (mbpd) of oil production at an oil benchmark price of $60 per barrel; exchange rate of N305 per Dollar, Inflation rate…