Why Nigerian govt adjusted 2019 MTEF/FSP- Minister
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The government had pegged the 2019 budget proposal on key assumptions and macro-framework of 2.3 million barrels per day of oil production; oil benchmark price of $60 per barrel; exchange rate of N305 per dollar; and inflation rate at 9.98 per cent. Of the total appropriation of N9.12 trillion, Mr Udoma said about 79 per cent performance level was achieved with about N7.24 trillion spent as at December 31, 2018.
On the government’s financial strategy, the minister identified efforts to enhance economic growth and ensure inclusiveness; promote economic diversification; maintain macroeconomic stability; increase revenue generation; rebalance the distribution of government spending; improve quality of spending; and, ensure sustainable deficit levels.
Accordingly, he said provisions have been made to carry over projects not likely to be fully funded under the 2018 budget to 2019 capital budget.
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