The federal of Nigeria has revised the Medium Term Expenditure Framework, (MTEF) document, projecting 2.5% economic growth for 2017 rather than earlier 3.02.
The Budget Minister Udoma Udoma at Senate hearing on the new document.
Udoma added that $42.5 cents per barrel is now the new oil benchmark price for the 2017 budget.
Similarly, the Director General of the Budget Office, Ben Akabueze disclosed that the official exchange rate for 2017 budget has been revised from N290 to $ to N305 to $1.
Akabueze also disclosed that the 2017 Budget Deficit has come down from N2.438trillion to 2.356 trillion and Deficit to GDP ratio is now 2.18% says FG in revised MTEF document according to Akabueze.