FEC okays N8.73tn 2019 bud­get pro­pos­als

The Punch - - FRONT PAGE - John Ameh, Abuja

Pres­i­dent Muham­madu Buhari is set to get Na­tional As­sem­bly’s nod to present N8.7tn as bud­get es­ti­mates for 2019 to the leg­is­la­ture.

This fol­lowed the ap­proval of the pro­pos­als by a spe­cial ses­sion of the Fed­eral Ex­ec­u­tive Coun­cil, which sat in Abuja on Fri­day.

The Min­is­ter of Bud­get and Na­tional Plan­ning, Sen­a­tor Udo Udo-udoma, who spoke with State House cor­re­spon­dents soon af­ter the meet­ing rose, said within days, the Pres­i­dent would write the Na­tional As­sem­bly, re­quest­ing a date to lay the es­ti­mates be­fore a joint ses­sion of the Sen­ate and the House of Rep­re­sen­ta­tives.

Buhari and min­is­ters had sat on the pro­pos­als from 10.30am to 1.15pm on Fri­day be­fore they rose.

Udo-udoma did not give de­tails of the pro­pos­als.

How­ever, ahead of Fri­day’s meet­ing, the Fed­eral Gov­ern­ment al­ready dis­closed that next year’s bud­get would be N8.7tn, a drop from the N9.12tn ap­proved for 2018.

The 2019-2021 Medium Term Ex­pen­di­ture Frame­work and Fis­cal Strat­egy Pa­per al­ready laid be­fore the Na­tional As­sem­bly con­tained N8.7tn as the bud­get size for 2019.

Ear­lier on Oc­to­ber 24, the FEC had ap­proved the MTEF.

The min­is­ter had stated that the gov­ern­ment ex­pected a re­duc­tion in rev­enue in 2019 and opted to plan in line with the rev­enue in view.

For in­stance, he said gov­ern­ment’s bor­row­ing would re­duce from N1.6tn in 2018 to N1.5tn in 2019. As for the deficit, the min­is­ter said it would be cut down to N1.6tn in 2019 from the N1.9tn bud­geted in 2018. The gov­ern­ment also put the daily oil pro­duc­tion fig­ure at 2.3 mil­lion bar­rels. How­ever, with the re­cent fluc­tu­a­tions in global crude oil prices and a pos­si­ble cut in sup­ply by OPEC, it’s un­clear whether FEC re­tained the 2.3mbpd. It had also rec­om­mended $60 as the crude oil bench­mark and N305 as ex­change rate to the dol­lar.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.