By Modupe Gbadeyanka
Federal Government has announced lowering of the country’s growth forecast for next year after considering different factors.
Minister of Budget and National Planning, Mr Udoma Udo Udoma, disclosed on Wednesday that the decision was taken at the weekly Federal Executive Council (FEC) meeting held in Abuja.
The meeting, presided over by the Acting President, Mr Yemi Osinbajo, took place yesterday at the Presidential Villa.
Mr Udoma said the council, at the meeting, approved lowering of the Gross Domestic Product (GDP) growth rate forecast for 2018 to 3.5 percent.
He said the Nigerian government had earlier projected a 4.8 percent growth rate for the country’s GDP for next year, but decided to review it downward.
The Minister noted that the Federal Government was committed to exploring ways of raising additional revenues to lower the debt service burden.
According to Reuters, government also approved its medium-term expenditure framework for 2018-2020.
