FG kickstarts 2017 budget process

The Federal Executive Council has approved the medium term expenditure framework for the 2016/2019 fiscal year, to kickstart the process of the proposed 2017 budget.

Budget and National Planning Minister, Senator Udoma Udo Udoma, announced this to the State House correspondents at the end of the meeting of the council, presided over by President Buhari at the Presidential Villa, Abuja.

Udoma said the meeting agreed on the oil benchmark price of $42.5 for a barrel of crude oil for 2017, $45 for 2018, and $50 for 2019.

The exchange rate of the naira to a dollar for the period is put at n290.

The minister added that fund for the 2016 recurrent expenditure is up to date, while only N400 billion capital vote had been released so far.

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