The Federal Executive Council (FEC) has approved next year’s
budget proposal during today’s special FEC session presided over by President
Buhari. The meeting which started by 10:30am lasted till around 1.pm at the
Presidential Villa.
The Minister of Budget and Planning, Udoma Udoma announced
the approval while briefing State House correspondents at the end of FEC
meeting at the presidential villa, Abuja. Udoma said the Council will liaise
with the National Assembly to determine when the president will submit the
draft estimates for the consideration of the two chambers.
The FEC had on 24th October approved the Medium Term
Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the 2019 -2021
to provide template for the 2019 budget.
The session was presided over by President Buhari who approved a budget
estimate of N8.73tr for the 2019, N400bn lower than that of this year.
The price of crude oil per barrel was pegged at $60,
exchange rate at $305 and daily crude oil production was put at 2.3m by the
FEC. The MTEF/ FSP was designed to translate strategic development objective of
the economic recovery and growth plan into a realistic and implementable budget
framework.
