BREAKING: FG FG Revises Dollar Exchange Rate From N290 To N305

The federal of Nigeria has revised the Medium Term Expenditure Framework, (MTEF) document, projecting 2.5% economic growth for 2017 rather than earlier 3.02.

The Budget Minister Udoma Udoma at Senate hearing on the new document.

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Udoma added that $42.5 cents per barrel is now the new oil benchmark price for the 2017 budget.

Similarly, the Director General of the Budget Office, Ben Akabueze disclosed that the official exchange rate for 2017 budget has been revised from N290 to $ to N305 to $1.

Akabueze also disclosed that the 2017 Budget Deficit has come down from N2.438trillion to 2.356 trillion and Deficit to GDP ratio is now 2.18% says FG in revised MTEF document according to Akabueze.

Buhari Swaps Akabueze With Tijani As News DG Budget Office

Ben Akabueze, a former commissioner for Finance, Budget And Planing in Lagos State, who was Special Adviser on Planning to President Muhammadu Buhari has been appointed as the Director-General of the Budget Office of the Federation to replace Tijani Mohammed Abdullahi.

A statement by Mr. Femi Adesina, the Special Adviser to the president on media and publicity on Thursday states that both Akabueze and Abdullahi joined the Ministry of Budget and National Planning in February this year. 

Akabueze is to take over from Mr. Tijani Mohammed Abdullahi who would now serve as Special Adviser to the President on Planning. He would also continue to work with the Minister of Budget and National Planning. 

Their redeployment, the statement added, was “part of an ongoing exercise aimed at further repositioning the Ministry to effectively deliver on its core mandate.”