The Federal Government has proposed a national budget of N6 trillion for 2016 fiscal year, allocating 30 percent of the budget to capital expenditure, twice the current percentage.
It has also approved and submitted the three-year rolling Medium Term Expenditure Framework (MTEF) to the National Assembly.
-Vanguard

Briefing State House Correspondents after an emergency meeting of the Federal Executive Council (FEC) presided over by President Muhammadu Buhari at the Presidential Villa in Abuja on Monday, the Minister of National Planning and Budget, Senator Udo Udoma said that in view of the current economic realities, FEC predicated the budget on $38 per barrel crude oil price as benchmark for the MTEF.
He also revealed that the government expected crude oil production to hit 2.2 million barrels per day.
He said: “At today’s Council, the Council approved the Medium Term Expenditure Framework (MTEF) which sets out the policies of government over the next years. It sets out the fundamental economic underpinning of the budget.
“The highlights are as follows: We project and we are working with $38 crude oil price, we consider that to be very conservative but because of the uncertainty, we felt that we should start with a conservative crude oil price.
