The Federal Executive Council (FEC) is set to approve next year’s budget as President Muhammadu Buhari presides the session holding at the Presidential Villa, Daily Trust online reports.
Our correspondent reports that today’s FEC was specially convened for the consideration and approval of the proposal for next year’s budget.
In attendance, are the Secretary to the Government of the Federation, Boss Mustapha, the Chief of Staff, Abba Kyari,the Head of Service of the Federation, Winifred Oyo-Ita and 25 ministers.
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 which was presided over by President Buhari approved a budget estimate of N8.73tr for the 2019 budget, 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.
After today’s approval, the proposal is expected to be presented to the joint session of the National Assembly next week by President Buhari
