The Federal Executive Council (FEC) meeting on Wednesday approved the 2018 to 2020 Medium Term Expenditure Framework (MTEF).
The Minister of Budget and National Planning, Udo Udoma, disclosed this to State House correspondents at the end of the FEC meeting chaired by Acting President Yemi Osinbajo at the Presidential Villa, Abuja.
He said the Federal Government has been consulting with state governors and other stakeholders on the matter.
Udoma said the Federal Government hopes to achieving seven percent growth in 2020 in accordance with the administration’s Economic Recovery and Growth Plan.
He also said that the crude oil projection was 2.3 million per barrel at $45 and exchange rate of N305.
He further disclosed that so far N1.3 trillion had been released as capital project from the 2017 budget.