FEC Approves Spending Plan, Lowers 2018 GDP Forecast

Nigeria's government 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 planing said after the Federal Excecutive Council (FEC) 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, Reuters reports.

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