The Federal Executive Council on Wednesday approved the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper with N12.66 trillion budget projection for each of the three fiscal years.

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The approval was given at a virtual meeting of the council presided over by the President, Major General Muhammadu Buhari (retd.).

The Minister of State for Finance, Budget and National Planning, Mr Clement Agba, briefed State House correspondents at the end of the meeting.

Agba listed other projections in the budget to include $40 per barrel oil benchmark, oil production volume of 1.6 million barrel per day, inflation rate of 11.9 per cent, projected gross domestic growth rate of three percent and revenue target of N7.50 trillion.

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