The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Thursday presented the draft 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Economic Council (NEC).
According to the details of the MTEF presented at the virtual NEC which was presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja, the revised 2020 budget has a total expenditure of N9.16 trillion while the projection being made for 2021 budget was put at N9.613 trillion.
While addressing State House Correspondents after the virtual NEC meeting, the Minister said: “As you know, the Nigerian economy has been facing significant challenges and this is the first half of the year.
“The micro-economic environment has been really challenged and disrupted; crude oil prices have declined and we have had to adjust our budget and our Medium term plan as a result.
“And also, another development that has affected is the massive cut that OPEC has now imposed on OPEC members and OPEC allies to our production volume.
“So, our crude oil production level as provided by OPEC is now 1.4 million barrels per day.’’
The Minister added that the issue of the gross revenue expected into the Federation Account which would subsequently be shared was also discussed.