The oil benchmark assumption for Budget 2019 has been pegged at $60 by the Federal Executive Council (FEC), which also yesterdat approved the 2019/2020 Medium Term Expenditure Framework (MTEF) Fiscal Strategy Paper (FSP).

Other key assumptions being proposed for the budget are oil production of 2.3 million barrels per day, exchange rate of N305/$1 and GDP growth rate of 3.01 per cent.

The projected N8.73 trillion 2019 budget is about N400 billion less than the N9.12 trillion 2018 budget.

The document will be transmitted to the National Assembly for consideration ahead of the presentation of the budget by President Muhammadu Buhari next month.

Minister of Budget and National Planning Udoma Udo Udoma spoke to reporters after yesterday’s FEC meeting.

Udoma said: “The MTEF/FSP that was approved today (yesterday) is designed to translate the strategic development objectives of the Economic Recovery and Growth Plan (ERGP) into a realistic and implementable budget framework for the medium term.

“As you know relevant inputs from engagements with stakeholders, the last of such engagements was just last week, the inputs from stakeholders were part of the document that was submitted.

https://www.akelicious.net/2018/10/60-oil-benchmark-for-n873tr-budget-2019.html

Kai

This is outrageous and risky. So if prices crash you'll start running around to look for money to run the country? In budgeting you underestimate revenue and max out expenses so you can have room for adjustments.

Last budget for the weak old economy-killing grandpa

Una no dey sleep?

Cc

Smooth278
Yankee101
fulaniHERDSman

ok

Everything here is outrageous and exaggerated. How do you plan with what is not reality.
$60 per barrel??
Over 2million barrels per day.
This is why our economy is backward.

The economic team should be disbanded.

60 bucks! I hope and pray it doesn't fall...2019 would be 200 folds better than this God forsaken 2018....let's just keep going, we shall get there!

God let 2019 be greater and better than 2018 for Nigeria and Nigerians.

To me, this is feasible.

Our leaders are not enterprising. Off all the natural resources we are blessed with, only oil is what we budget with.

Good luck to Nigeria, God bless Nigeria

Not bad considering the price of oil right now and it's not only oil that we export,we export other things too which can fund the budget even if oil price fall which I don't think will happen anytime soon, oil producing countries have all come to together to make sure they have a steady price.

Sirmuel1:
Una no dey sleep?

Cc

Smooth278
Yankee101
fulaniHERDSman

Time difference. It's just nearing midnight here but morning already in naija

chriskosherbal:
God let 2019 be greater and better than 2018 for Nigeria and Nigerians.

Other countries are making serious efforts in developing their economies and you lots think that prayers and hope will do the magic?

The one Nigeria they shout today is about the oil.

Austindark:
Everything here is outrageous and exaggerated. How do you plan with what is not reality.
$60 per barrel??
Over 2million barrels per day.
This is why our economy is backward.

The economic team should be disbanded.

Oil is already $76. It was even forcefully brought down to that price. Nigeria is already exceeding 2 million barrels. It is your brain that should be disbanded.

We are reducing fuel imports by 70% by 3rd quarter 2019 at almost the same time 960MW of power is coming in. Nigeria is going to have much better economic times starting in 2019. If you are not in the right career, business line or value chain, better get serious and make changes.

I hope they are sure of this benchmark 'cause it might crash and they start running helter-shelter blaming it on the oil price crash instead of their incompetence.

Nwaforj44:
The oil benchmark assumption for Budget 2019 has been pegged at $60 by the Federal Executive Council (FEC), which also yesterdat approved the 2019/2020 Medium Term Expenditure Framework (MTEF) Fiscal Strategy Paper (FSP).

Other key assumptions being proposed for the budget are oil production of 2.3 million barrels per day, exchange rate of N305/$1 and GDP growth rate of 3.01 per cent.

The projected N8.73 trillion 2019 budget is about N400 billion less than the N9.12 trillion 2018 budget.

The document will be transmitted to the National Assembly for consideration ahead of the presentation of the budget by President Muhammadu Buhari next month.

Minister of Budget and National Planning Udoma Udo Udoma spoke to reporters after yesterday’s FEC meeting.

Udoma said: “The MTEF/FSP that was approved today (yesterday) is designed to translate the strategic development objectives of the Economic Recovery and Growth Plan (ERGP) into a realistic and implementable budget framework for the medium term.

“As you know relevant inputs from engagements with stakeholders, the last of such engagements was just last week, the inputs from stakeholders were part of the document that was submitted.

https://www.akelicious.net/2018/10/60-oil-benchmark-for-n873tr-budget-2019.html

DESPITE ALL THE HUGE SALES THAT IS GENERATED FROM CRUDE OIL IN THE INTERNATIONAL MARKET THE COMMONMAN IN THE STREET OF NIGERIA DO NOT SEE THE DIVIDEND OR BENEFITS.

It is all hijacked through corruption by our greedy political office holders, their immediate and near family members, their cronies, their mules, and their sycophant.

The federal and state government give us false statistics of growth in the economy which is actually not true.

NO WONDER, PETER OBI CONFESSED TO NIGERIANS DURING AN ECONOMIC SUMMIT THAT GOVERNMENT IN NIGERIA HAS NEVER REALLY WORKED.

It was just a smokescreen to hijack the peoples' commonwealth.

May the Almighty God deliver us from the wicked generation of political office holders we have in Nigeria.

Yankee101:


Time difference. It's just nearing midnight here but morning already in naija

Okay. I was surprised to see your comment immediately the post was moved to the front page.

AAlozie:

Other countries are making serious efforts in developing their economies and you lots think that prayers and hope will do the magic?

so you want 2018 to be better than 2019.
The jobless aggressive lazy idiotic pigs of bia-fra terrorist really need serious prayer and deliverance.

We shall get there with Buhari at the helm of affairs.

buhariguy:
so you want 2018 to be better than 2019.
The jobless aggressive lazy idiotic pigs of bia-fra terrorist really need serious prayer and deliverance.

Shut up, try to read and understand.
He said prayers wouldn't solve the country's issues, rather critical thinking would.

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