Addressing the press yesterday, the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, said the 2015-2017 Medium Term Expenditure Framework (MTEF), which was recently submitted to the National Assembly had been revised.
The MTEF, which had proposed a benchmark of $78 per barrel of oil for the 2015 budget, is now revised downwards to $73 per barrel and will be re-submitted to the National Assembly for its approval.
The minister said the federal government had decided on a multi-pronged, strategic response to mitigate the adverse effects of the decline in global oil prices, adding that the Central Bank of Nigeria (CBN) was working with the ministry to apply appropriate fiscal and monetary measures in managing the economy, assuring Nigerians that there was no cause for panic.
The measures, she said, were a mixture of medium and long-term steps designed to engender economic growth, reassure investors and keep the economy on a stable course through the period, which has culminated in a significant drop in oil revenues for Nigeria and other oil-producing countries since June this year.
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