Nigeria approves spending plan, projects 2.3m barrel per day at $45

The Federal Executive Council on Wednesday adopted the 2017-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategic Plan (FSP).
The Minister of Budget and Economic Planning, Senator Udo Udoma said the Federal Government hopes to achieve seven percent growth in 2020 in accordance with the administration’s Economic Recovery and Growth Plan.
He also said that the crude oil projection was 2.3 million per barrel at $45 and exchange rate of N305. He further disclosed that so far N1.3 trillion had been released as capital project from the 2017 budget.
He said the government was committed to exploring ways of raising additional revenues to lower the debt service burden.