President Muhammadu Buhari has submitted the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate.
The members of the Senate received the documents on Wednesday morning.
This was acknowledged and read by the President of the Senate, Ahmad Lawan.
“The documents were received on Wednesday morning and with this, preparation for the 2020 Appropriation Bill is in the top gear, ” Lawan said.
Some key things that can be noted from the documents include; the protected budget profile for 2020 stands at N8.7trillion. The oil price benchmark is $55 as against $60 used for the 2019 budget.
The barrels production per day (BPD) will drop from 2.3million BPD to 2.1million BPD.
The Senate will have to react to this at the next plenary session.