FEC approves 2019 bud­get pro­posal

Weekly Trust - - Front Page - Is­mail Mu­dashir

The Fed­eral Ex­ec­u­tive Coun­cil (FEC) yesterday ap­proved the 2019 bud­get pro­posal. The ap­proval was granted dur­ing yesterday’s spe­cial FEC ses­sion presided over by Pres­i­dent Muham­madu Buhari. The meet­ing, which started by 10:30am, lasted till around 1.30pm at the Pres­i­den­tial Villa.

In at­ten­dance at the FEC meet­ing were 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 about 30 min­is­ters.

The Minister of Bud­get and Plan­ning, Udoma Udoma, who an­nounced the ap­proval while briefing State House cor­re­spon­dents at the end of the meet­ing, said the coun­cil will li­aise with the Na­tional Assem­bly to fix a date for the pre­sen­ta­tion of the pro­posal by the pres­i­dent.

“We are hop­ing that as soon as pos­si­ble it would be pre­sented. We will be in touch im­me­di­ately with the Na­tional Assem­bly to fix the date. The bud­get is ready,” he said.

FEC had on Oc­to­ber 24 this year, ap­proved the Medium Term Ex­pen­di­ture Frame­work (MTEF) and Fis­cal Strat­egy Pa­per (FSP) for 2019 -2021 to pro­vide a tem­plate for the 2019 bud­get.

In the MTF/FSP, N8.73tril­lion was es­ti­mated for the 2019 bud­get which is N400­bil­lion lower than that of this year.

Also, 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.

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