FEC approves N727 billion budget increment

The additional N727 billion included into the N10.2 trillion Medium Term Expenditure Framework (MTEF) proposal by the National Assembly has been approved by the Federal Executive Council (FEC).

Recall that the Nigerian Senate raised the proposed 2020 budget to N10.729 trillion from the initial N10.002 trillion last week. 

The Details: The council approved the N10.729 trillion returned by the legislature after a five-hour meeting which was presided over by President Muhammadu Buhari yesterday.

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The newly approved 2020 Appropriation Bill will now be presented by the President to a joint session of the National Assembly. 

The decision by the Senate to increase the oil benchmark from $55 per barrel to $57 per barrel, representing a $2 increase was commended by the FEC. The early submission of the budget is to return the budget cycle from June-May to January-December. 

Commenting on the development, a source said, “FEC is happy with the National Assembly for increasing the benchmark to $57 per barrel. The additional $2 is to take care of recruitment in the security agencies and also attend to critical areas. 

“This is a sign that the legislature and the executive will work together for the interest of Nigerians. It is a good development.” 

The Budget presentation, which was earlier slated to hold last week but couldn’t due to the President’s busy schedule will hold 2 pm later today.

Last week, President Muhammadu Buhari was at the 74th United Nations General Assembly (UNGA) which forced him to reschedule the Council meeting to Saturday, October 5th. 

The meeting, however, failed to hold last weekend because the President departed Abuja on Wednesday to proceed on a three-day State Visit to the Republic of South Africa, following an invitation by President Cyril Ramaphosa, to discuss the welfare of Nigerians, and find common grounds for building harmonious relations with their hosts. 

Current happenings: While all is set for today’s presentation, security has been beefed up at the National Assembly Complex in expectation of the President for presentation of the 2020 appropriation bill to a joint session of the legislature.