The Federal Executive Council has approved the 2017-2019 medium term expenditure framework and fiscal strategy paper in line with the provisions of the fiscal responsibility act.
The Minister of Budget and National Planning, Udoma Udo Udoma who announced the after the council’s meeting said the process of preparing for the 2017 Budget has therefore began.
After the meeting presided over by President Muhammadu Buhari, the Minister said that the Federal Executive Council approved Medium Term Expenditure Framework and Fiscal Strategy Paper for 2017 to 2019, that is, the MTEF and the FSP for the next three years.
According to him, the 2017 Budget and others will be based on the framework. He said the oil price benchmark for the period includes $42.5 per barrel for 2017, $45 per barrel for 2018 and $50 per barrel for 2019.
He said the framework will be forwarded to the National Assembly for approval.