The Federal Executive Council (FEC) has approved a proposed budget of N8.73 trillion for the 2019 fiscal year. The amount is N400 billion lower than the 2018 budget (N9.12 billion).
According to the Minister of Budget and National Planning, Udoma Udoma, who addressed pressmen on Wednesday, at the end of the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the State House, Abuja.
Mr Udoma said the council has pegged the price of crude oil per barrel at $60, as well as exchange rate at $305, while daily crude oil production is put at 2.3 million barrels per day.
He went on to add that the Medium Term Expenditure Framework (MTEF) for 2019 to 2021 has been approved by the council and that it would soon be submitted to the National Assembly for further consideration.