Budget: Buhari presides over special FEC session tomorrow

                                 

President Muhammadu Buhari will tomorrow preside over a special session of the Federal Executive Council (FEC) on next year’s budget.

The report came on Wednesday on the delay in the presentation of the budget by President Buhari to the National Assembly.

The 2018 budget, which was presented on November 7, 2017 by the president to the National Assembly, was not passed until after six months.

Presidential spokesperson, Femi Adesina, told State House correspondents at the end of FEC meeting presided over by the Vice President, Yemi Osinbajo that tomorrow’s special session would be dedicated for the 2019 budget.

Adesina said: “On Friday by 10.30am, there will be a special session of the Federal Executive Council. The intention is to look at the budget, get the proposals approved by FEC and then it would be transmitted to the National Assembly. “

The media reports that the president, who was in Poland for the United Nations Climate Change Conference (COP24), returned to the country yesterday evening.

The special session is expected to be presided over by President Buhari, the media gathered.

The FEC had on October 24 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 which was presided over by President Buhari approved a budget estimate of N8.73tr for the 2019 budget, N400bn lower than that of 2018.

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.

The MTEF/FSP was designed to translate strategic development objective of the economic recovery and growth plan into a realistic and implementable budget framework.