The sum of N6 trillion was proposed by the Federal Government on Monday at an oil bench mark of 38 dollars per barrel.
This was revealed by Sen. Udoma Udo Udoma, theMinister of Budget and National Planning,while addressing State House Press Corps after an emergency Federal Executive Council meeting presided over by President Muhammadu Buhari.
According to the minister, the proposal was contained in the Medium Term Expenditure Framework (MTEF) approved by the council.
"At today’s council, council approved the Medium Term Expenditure Framework.
"This sets out the policies of government over the next three years. It sets out the fundamental economic underpinning of the budget.
"The highlights are as follows. We project and we are working with 38 dollars crude oil price.
We also are working with 2.2 million barrels per day production.
"We consider that to be very conservative but because of the uncertainties we feel that we should start with a conservative crude oil price.
"We believe it is achievable, particularly because with the passage of the Petroleum Industry Bill which we are working to achieve, we believe that that is actually a modest figure; that we should be able to produce something higher than that.
"So we are looking at a budget of about N6 trillion. Last year’s budget, including the supplementary, was about N5 trillion.
"And so, next year we are looking at an expansionist budget. We are looking at a budget that will be N1 trillion more than last year.
"Most of the increases, all the increases actually will be spent on capital because there is the need to increase the capital spend because of our infrastructure issues we have to address.’’
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