Buuhari presenting the 2016 budget proposal to the National Assembly
President Muhammadu Buhari today, Tuesday, October 4 has sent a draft of the 2017 budget to the Nigerian Senate for approval.
Part of the details of the budget reveals that the plan assumes an oil price of $42.5 per barrel and production of 2.2 million barrels a day, as well as an exchange rate of 290 Naira to the U.S. dollar.
Earlier today, Tuesday, October 4, President Buhari submitted the 2017-2019 Medium-Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) to the Senate for consideration and approval.
This was disclosed after Senate president Bukola Saraki read out the letter on the floor of the Senate.
President Buhari in the letter to the Senate noted that the submission of the MTEF and FSP was in line with the provisions of the Fiscal Responsibility Act, 2007.
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