FG Targets N9․7tn Budget in 2020, Says Economy Faces Significant Medium Term Fiscal Challenges
The federal government, Tuesday unveiled the draft 2020-2022 Medium Term Fiscal Framework and Fiscal Strategy Paper with a projected total budget of N9,789,243.466 for 2020.
It expressed concern that the country faces significant medium term fiscal challenges, especially with respect to revenue generation and rapid growth in personnel costs. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who unveiled the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper in Abuja, Tuesday, stated that the 2020 budget would be predicated on a lower oil production of 2.18 million barrels per day and lower benchmark oil price of $55 per barrel.“Oil production volume is projected to average 2.18mbpd for 2020. Although this is lower than the projected oil production volume of 2.
“Actual daily crude oil production and exports have been well below budget projections since 2013 despite installed capacity of up to 2.5mbpd, for a number of reasons,” she said.
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