The federal government has presented the medium-term expenditure framework and fiscal strategy paper proposing a total budget of N9.78 trillion for 2020.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who made the presentation also proposed a budget of N10.1 trillion for 2021 and N10.4 trillion for 2022.
The crude oil benchmark for the 2019 budget is put at $60pb whilst for 2020-2022 is reduced to $55 per barrel with the oil production benchmark put at 2.18 million barrels per day.
Ahmed also noted that the 2020 to 2022 fiscal years would be challenging with respect to revenue generation and rapid growth in personnel costs.
Thus, she argued that the states would be adversely impacted.
The minister added that oil revenue is projected to decline from N3.688 trillion in 2019 to N2.367 trillion in 2020.
This, she said, was due to lower production and lower oil prices.