President Buhari today presided over the Federal Executive Council meeting and approved N6 trillion expenditure for 2016 Budget under the Medium Term Expenditure Framework (MTEF). Minister of Budget and National Planning, Senator Udoma Udo Udoma, spoke with State House correspondents at the end of the meeting. According to him, an oil price of $38 per barrel of crude oil and 2.2 million production barrels per day were projected in the framework.
“At today’s Council, the Council approved the Medium Term Expenditure Framework, MTEF which sets out the policies of government over the next years. It sets out the fundamental economic underpinning of the budget. The highlights are as follows: we project and we are working with $38 crude oil price, we consider that to be very conservative but because of the uncertainty, we felt that we should start with a conservative crude oil price.”he said