The 2020–2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) was passed into law on Thursday by the House of Representatives.
The House Joint Committees of Appropriations and Finance laid their report on the MTEF/FSP at the plenary, which was immediately considered and unanimously adopted by the House.
Adopting the report, the lawmakers approved the proposed 2.18 million barrels per day as production output in 2020, in view of a concerted effort by the Nigerian National Petroleum Corporation and security agencies to combat the menace of oil theft and vandalisation.
The lawmakers also adopted $57 per barrel as crude oil benchmark price for the fiscal year 2020, as proposed and the exchange rate of N305 to a dollar was maintained “for economic stability.”
The House stated that more work should be done by the Minister of Finance, Zainab Ahmed, and all economic advisers and her team to improve the economic growth.