Acting Chairman, Fiscal Responsibility Commission, (FRC,), Mr Victor Muruakor has said that the Federal Government’s revenue projections contained in the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) are feasible and achievable.
Speaking to newsmen on Tuesday in Abuja, the FRC chair said the projections were in line with the realities on ground, stressing that the Economic Recovery and Growth Plan, (ERGP), of the Federal Government has helped shape the 2018-2020 MTEF and formed the basis for the 2018 budget projections as outlined in the document. consultation on the 2018-2020 MTEF and FSP.
The key assumptions and macro-framework of the 2018 budget were predicated on oil production of 2.3 million barrels per day (mbpd), oil price of 45 dollars per barrel and an exchange rate of ₦305 to one dollar.
The MTEF had also pegged inflation rate at 12.42 per cent and Gross Domestic Product growth rate was pegged at 4.8 per cent. It was also projected in the MTEF that oil production would be 2.4 mbpd in 2019; 2.5 mbpd in 2020, while exchange rate was retained at ₦305 to one dollar for 2019 and 2020.
Inflation was projected to stay at 13.39 per cent in 2019 and 9.90 per cent in 2020.
He commended the Federal Government for engaging Civil Society Organisations, (CSOs), the media and organised private sector in consultations for the preparation of the document, adding that it was the first time such would happen in the history of the Nigerian state.
Muruakor also said the involvement of civil society and other sectors was in line with the provisions of the Fiscal Responsibility Act (FRA) 2007.
The Ministry of Budget and National Planning, had on Thursday, carried out a public
The MTEF/FSP is a three-year planning tool that defines government’s economic, social and development objectives and priorities.