FEC Okays N8.73tr 2019 Budget Estimates

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President Muhammadu Buhari has finally approved the proposed N8.73trillion for the 2019 budget estimates.

Disclosing this on Friday was the Minister Of Budget and Planning, Udoma Udoma, after the special session of the Federal Executive Council (FEC) meeting at the Presidential Villa in Abuja.

He said plans are also underway to work with the National Assembly in a bid to get a date for the presentation of the budget.

He said, “He is the one who will present it. I don’t want to usurp his powers,” he said.

It will be recalled that 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, presided over by President Buhari, approved a budget estimate of N8.73trillion for the 2019 budget, N400billion lower than that of 2018 year.

The price of crude oil per barrel was pegged at $60, exchange rate at $305 and daily crude oil production was put at 2.3million by the FEC.

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