The Federal Executive Council (FEC) presided by President Muhammadu Buhari (GCFR) on Today approved N6 trillion expenditure for 2016 Budget under the Medium Term Expenditure Framework (MTEF).
The FEC after three hours meeting approved the three-year MTEF.
The Minister of Budget and National Planning, Senator Udoma Udo Udoma, spoke with State House correspondents at the end of the meeting.
He was accompanied by the Minister of Information, Lai Mohammed and Minister of State for Budget and National Planning, Zainab Ahmed.
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.
The approved MTEF, the minister said, will be forwarded to the National Assembly.