All is set for the formal laying of the 2019 budget proposal before the joint session of the National Assembly. Already, most Senators and members of the House of Representatives are seated, expecting the arrival of President Muhammadu Buhari and key members of the Federal Executive Council (FEC).
As stipulated in the 2019-2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), Federal Government projected
that the “forthcoming 2019 elections may also create concerns for some economic actors; this could have an impact on the rate of Foreign
Portfolio Investments.”
According to the key assumptions presented by Mr. President, Oil Production was put at 2.3 mbpd; Oil Price $60 barrel; 9.98 percent inflation rate; N119.28 trillion nominal consumption; N139.65 trillion; N139.65 trillion as nominal GDP and 3.1 percent GDP rate for
the year 2019. Breakdown of the N8.73 trillion budget proposal for year 2019 is N400
billion lower than that of the 2018 fiscal year.
As earlier reported by BusinessDay, security operatives from Department of State Security and Brigade Guards and Nigerian Police were deployed to secure various entrances leading to the National Assembly complex, to forestall intrusion by members of the Parliamentary Staff Association of Nigeria (PASAN), who locked down the Assembly on Monday.
Meanwhile, the House and Senate are yet to commence debate on the 2019-2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy
Paper (FSP) transmitted to the National Assembly by the President. Details later…
