The Federal Government of Nigeria has proposed a budget estimate of N8.73 trillion for the 2019 fiscal year.
The 2019 budget proposal is N400 billion lower than that of the 2018 budget.
The Minister of Budget and National Planning, Udoma Udoma, made this known on Wednesday at the end of the weekly Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the State House, Abuja.
Udoma said the council pegged the price of crude oil per barrel at $60, as well as exchange rate at $305, while daily crude oil production is put at 2.3m barrels per day.
The minister added that the council also approved the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2019 to 2021, noting that it would soon be submitted to National Assembly for further consideration.
According to him, the MTEF/FSP was designed to translate the strategic development objectives of the Economic Recovery and Growth Plan (ERGP) to realistic and implementable budget framework for the medium term.