Senate Passes 2018-2020 MTEF

By Dipo Olowookere

The Nigerian Senate on Tuesday passed the 2018-2020 Medium Time Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP).

At the plenary today, the red chamber raised the oil price benchmark to $47 from $45 barrel proposed by the Federal Government.

In addition, the Senate kept the average crude oil production for next at N2.3 million barrel per day, while the exchange rate was left at N305 to $1

Also, the real Gross Domestic Product (GDP) growth rate was retained at 3.5 percent with N5.279 trillion for non-revenue oil in 2018 was left intact.

Furthermore, N1.6999 trillion was approved for the new borrowing for 2018.

Also today, the House of Representatives adopted the MTEF after deliberations.