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President Goodluck Jonathan on Wednesday cut the proposed 2015 budget of N4.817 trillion to N4.661trillion as a result of falling oil prices.
The budget was reduced by about N63billion.
The Federal Government also reviewed its proposed exchange rate upwards from N160 to N162 to $1.
The proposed oil benchmark also dropped from $78 to $73 per barrel.
The price of oil at the international market has since crashed from over $100 per barrel to less than $80 per barrel.
The federal government’s position was contained in the revised Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) presented to the Senate on Wednesday by Jonathan.
Jonathan’s letter entitled: “Submission of revised 2015-2017 Medium Term Expenditure Framework,” was read by the Senate President, David Mark, at plenary.
The letter reads in part: “As you may recall, I had transmitted the 2015-2017 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to the National Assembly for consideration and approval.
“However, recent developments in the international oil market have necessitated that the MTEF be revised.
“Consequently, following further consultations with key stakeholders, adjustments have been made to some of the key parameters as well as to some fiscal estimates in the MTEF.”
Jonathan, however, expressed optimism that the MTEF/FSP would be expeditiously considered to bring the 2015 budget preparation to a quick close.
Jonathan said: “I hereby forward copies of the reversed 2015-2017 MTEF to the National Assembly. I hope that it will receive your usual kind expeditious consideration in order to bring the 2015 FGN budget preparation process to a quick closure.”
The government also projected N4.733.21 trillion and N4.930.29 trillion as expenditure for 2016 and 2017 respectively.