President Muhammadu Buhari has written the House of Representatives to seek approval for the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper.
The Speaker of the House, Hon. Femi Gbajabiamila, read the President’s letter at the opening of plenary on Tuesday.
The Federal Executive Council had on Wednesday approved the MTEF/FSP, with N12.66tn budget projection for each of the three fiscal years.
The approval was given at a virtual meeting presided over by President Muhammadu Buhari at the Council Chamber of the State House.
The Minister of State for Finance, Budget and National Planning, Mr Clement Agba, while addressing State House correspondents at the end of the Council meeting, listed other projections in the budget as 40 dollars per barrel oil benchmark, oil production volume of 1.6 million barrel per day, inflation rate of 11.9 per cent, projected gross domestic growth rate of three per cent and revenue target of N7.50 trillion.