The Federal Executive Council on Wednesday approved the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper with N12.66tn budget projection for each of the three fiscal years. The approval was given at a virtual meeting of the council presided over by President Muhammadu Buhari. The Minister of State for Finance, Budget and National Planning, Mr Clement Agba, while briefed State House correspondents at the end of the meeting listed other projections in the budget to include $40 per barrel oil benchmark, oil production volume of 1.6 million barrel per day, inflation rate of 11.9 per cent, projected gross domestic growth rate of three per cent and revenue target of N7.5tn. The minister said that was the Debt Management Office have to advise the government on issues of borrowing and debt servicing. Learn more about your ad choices. Visit megaphone.fm/adchoices