SAN FRANCISCO, October 08, (THEWILL) – The N727 billion added to the N10.2 trillion Medium Term Expenditure Framework (MTEF) proposal by the National Assembly (NASS) was on Monday approved at an extra-ordinary Federal Executive Council (FEC) meeting.
After a five-hour meeting, chaired by President Muhammadu Buhari, the Council accepted the N10.729 trillion returned to the executive from the legislature.
The Nation gathered that the Council, at Monday’s meeting, approved the 2020 Appropriation Bill which would be presented by the President to the joint session of the National Assembly.
A source, who spoke on a condition of anonymity, said the FEC commended the National Assembly for the increment of the crude oil benchmark from $55 to $57 per barrel.
The 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,” he said.
It was learnt that officials of the Federal Ministry of Finance, Budget and National Planning, led by the Director-General of the Budget Office, Ben Akabueze, made submissions on the budget.
The early submission is geared towards returning the budget from the May-June cycle to January-December cycle.
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