The federal executive council (FEC) has approved the 2023-2025 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP).
The minister of finance, budget and national planning, Zainab Ahmed said this on Wednesday at the end of the meeting
Ahmed said the ministry got inputs from the council and will make the necessary adjustments for onward presentation to the national assembly.
She explained that the federal government pegged the price of crude at $70 per barrel in 2023, $66 in 2024, and $62 in 2025.
“Crude oil production is projected to be 1.69 million bpd for 2023 and 1.813million bpd for both 2024 as well as 2025. We have also projected that the nominal GDP, that the size of Nigeria’s economy will rise to N225.5 trillion with 95 percent of this contribution by the non-oil sector, while the oil sector will contribute only 5 percent,” she said.
“And some steady increase from 2024, 2025 to reach up to N280.70 trillion in 2025. This means that Nigeria continues to retain its position as the largest economy in Africa.”
Ahmed also said the 2022 budget, until April, performed very well with steady growth in the economy for five consecutive quarters.
On his part, Olamilekan Adegbite, minister of mines and steel development, said the council approved a downstream policy to prevent the export of raw ores from Nigeria and ensure some beneficiation by Nigerians before minerals are exported.
“So, whatever you mined, even if you are unable, as the miner to process, we’re inviting investors, we are having people who build processing plants, they don’t have to be miners, but they will be processors who can take the ores from anybody and process before we export,” he said.
“So essentially, the policy was passed today so that we’ll discourage the exportation of raw ore from Nigeria. The Nigerian government, this government of President Buhari, post-COVID, granted some funds, and this fund is being used as demonstration projects for this mineral processing policy.”
Lai Mohammed, minister of information and culture, said the council also approved a memo presented by Abubakar Malami, attorney-general of the federation and minister of justice, for the NDLEA to purchase some 32 operational vehicles to enhance their operations.