Nigeria’s President Muhammadu Buhari has asked the House of Representatives to approve the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Plan. Speaker Femi Gbajabiamila read the President’s letter to his colleagues on Tuesday.
The three-year fiscal plan has a budgetary projection of N12.66trillion for each year. The oil benchmark for the budgetary year is hinged at $40/barrel, while it is estimated that 1.6miollion barrel of crude will be produced daily.
Also, inflation rate is projected at 11.9 per cent, while projected gross domestic growth rate of three per cent and revenue target of N7.50 trillion.