HOUSE OF REPS PASS MTEF, RAISE 2020 BUDGET ESTIMATES TO N10.729TR

The House of Representatives has passed the Medium Term Expenditure Framework and increased the 2020 Budget Estimates from the proposed 10.002 trillion naira to 10.729 trillion naira.

The passage followed the adoption of the report of the Joint committees on Finance and Appropriation on the Medium Term Expenditure Framework and the Fiscal Paper Strategy.

The Chairman of the Finance committee, James Faleke, laid the report a few minutes before it was passed.

The Speaker announced that all motions on the order paper will be taken before the House resolved to Committee of the Whole to consider the report.

In the report, the committee proposes 2.18 million barrels of crude per day as daily production. The exchange rate is retained at N305 to a dollar for economic stability.

The MTEF and FSP document is a prelude to the presentation of the 2020 Appropriation Bill expected by the Presidency.

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