The Federal Government has reviewed the parameters in the Medium Term Expenditure Framework (MTEF).
The Minister of Budget and National Planning, Senator Udo Udoma, made this known at an interactive session with the Senate Committee on Finance.
Speaking on Tuesday in Abuja, Senator Udoma noted that the Federal Government set the benchmark price of crude at $42.5 per barrel.
He adds that the new deficit to GDP ratio is now at 2.18 while the official exchange rate is now 305 up from 290 to a dollar earlier set.
Economic growth rate has also been reduced from 3.02% to 2.5%.
Meanwhile, the Senate is to probe the Nigerian National Petroleum Corporation (NNPC) over the failure of one of its subsidiaries, the Nigerian Petroleum Development Company (NPDC) to remit over five billion dollars to the Federation Account.
Senator Dino Melaye, in a motion, alleged that since 2013 to date, the NPDC has continued to lift crude oil from divested oil wells OML 61, 62 and 63 worth over $3.487 billion without remitting to the Federation Account.
The Senate has mandated its committees of petroleum upstream and finance to investigate the level of the alleged corruption with a view to recovering every fund due to the Federation Account.
