President Buhari Begins 2017 Budget Process

The Federal Executive Council presided by President
Muhammadu Buahri on Wednesday approved the Medium
Term Expenditure Framework for the 2017-2019 fiscal
years signalling the beginning of the 2017 budget process.
Budget and National Planning Minister Udoma Udoma
disclosed this to State House reporters after the four-hour
FEC meeting chaired by President Muhammadu Buhari.
The minister said this approval kick-started the process of
the 2017 budget.
He put the oil benchmark projections as follows: 2017,
$42.5 per barrel; 2018, $45; and 2019, $50.
Udoma added that the government also projected a
“conservative” exchange rate N290 to a dollar, with the
expectation that the Naira would stabilize.
He said the government consulted widely with the private
sector, governors and experts before arriving at the
On the implementation of the 2016 budget, he said while
the government had so fat released over N400 billion for
capital expenditure, it was up to date in terms of recurrent

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