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.FEC approves 2019 budget for presentation to the National Assembly
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.
