The Federal Government, yesterday, approved a $45 per barrel oil price budget benchmark and predicated oil production at 2.3 million barrels per day for 2018, The Sun reports.

Minister of Budget and National Planning, Mr. Udo Udoma, said the approval is contained in the 2018-2020 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategic Paper (FSP) with the commitment to achieving 7 per cent growth rate by 2020 in accordance with the Economic Recovery and Growth Plan (ERGP).

The Minister said the exchange rate for the 2018 fiscal year was pegged at N305, which was the amount fixed by the Central Bank of Nigeria (CBN). According to him, “the Federal Executive Council (FEC) approved the 2018-2020 MTEF and the Fiscal Strategy Paper (FSP).”