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PMB set to present N8.73tn 2019 budget proposal as approved by FEC

PMB set to present N8.73tn 2019 budget proposal as approved by FEC

The Federal Executive Council (FEC) has on Friday approved N8.73tn 2019 budget, the approval was granted during the council meeting presided by President Mohammadu Buhari.

Sited in the meeting for this approval were 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 a host of Ministers likewise in attendance.

To announce the approval in a meeting that lasted for about 3hrs is the Minister of Budget and Planning, Udoma Udoma.

The FEC will however lias with National Assembly to fix a date for presentation of the budget by President Mohammadu Buhari , Daily trust learnt.

To provide a template for 2019 budget was an approval granted by the council in October contained in the Medium Term Expenditure Framework (MTEF).

The sub seeding budget is estimated at N8.73tn lower than the current budget by N400bn.

To draw a possible conclusion, crude oil Price was pegged at $60 per barrel, while the foreign exchange is expected to be maintained at $305, daily crude oil production should then stay at 2.3m by projections as carefully considered by the council.

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