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.