By Soni Daniel
Abuja – Budget and National Planning Minister, Senator Udoma Udo Udoma on Tuesday 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 finalization of the 2019 Budget Proposals.
The Minister who was briefing the Committee on the 2019 Revenue and Expenditure Projections said 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 2.3mbpd of oil production at an oil benchmark price of $60 per barrel; exchange rate of N305 per Dollar, Inflation rate at 9.98%, Nominal consumption of N119.28 trillion, Nominal GDP at N139.65 trillion and GDP growth rate of 3.01%
Before giving an overview of the 2019…