FG approves spending plan, lowers 2018 GDP forecast

The federal Government of Nigeria has approved its medium-term expenditure framework for 2018-2020 on Wednesday, and revised its growth forecast for next year downwards, its budget minister said.

Udoma Udo Udoma, minister for budget and national planning said after a cabinet meeting that the government had approved “a slightly different” growth trajectory of 3.5 percent for next year, down from 4.8 percent it announced in its strategy paper.

He said the government was committed to exploring ways of raising additional revenues to lower the debt service burden.

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