FEC OKAYS N8.73 TRN BUDGET FOR 2019

ABUJA, Nigeria – The Federal Executive Council(FEC) presided over by President Muhammadu Buhari today approved a budget estimate of N8.73 trillion for the year 2019.

The total budget is about N400bn lower than that of 2018. Briefing State House correspondents at the end of the meeting, Minister of Budget and Planning, Udoma Udoma said FEC will liaise with the National Assembly to determine when the president will submit the draft estimates for the consideration of the two chambers.

Udoma declined to give details of the budget, stressing that the Nigerian constitution only allows the president to give out the details. He said President Buhari would do so when the National Assembly is ready to receive the draft copy.

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.