The Federal Executive Council, FEC, will today hold a special session to deliberate on the proposal of Budget Office of the Federation, BoF, for Federal Government to spend a total N8.60 trillion in 2018.
Special Adviser on Media and Publicity to President Muhammadu Buhari, Femi Adesina made this known through his tweeter handle yesterday and it will be the first time that FEC meeting is being moved from Wednesday.
According to details of the Medium Term Expenditure Framework, MTEF, 2018-2020 submitted to both chambers of the National Assembly last week, average oil production is for the year is estimated at 2.3mbpd; crude oil benchmark is fixed for $45pb; exchange rate will be N305/US$; Non-oil GDP- 107,108; and Oil GDP- 5,981.
Government projects GDP to grow at 3.5 percent in 2018, contrary to both International Monetary Fund (IMF) and World Bank forecasts, estimating Nigeria to grow by about 1.8 percent in 2018; while inflation is expected to moderate to 12.42 percent.
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