…..Budget Proposal For 2018 Increases By 15% To N8.59 Trillion
October 26, 2017: The Federal Executive Council has approved the draft of the 2018 budget proposal of N8.59 Trillion
This was announced on Thursday by the Minister of Budget and National Planning, Udo Udoma, after the FEC meeting in Abuja, the nation’s capital.
Briefing State House correspondents on the outcomes of the meeting, Udoma said a date would be fixed in liaison with the National Assembly for President Muhammadu Buhari to submit the draft documents. Meanwhile, the Minister of Finance, Mrs Kemi Adeosun, informed that N450billion capital has so far been released from the 2017 budget.
The Council also approved a 14-kilometre 330KVA electricity transmission line at a cost of N796.6m.
FEC Meeting Focuses On 2018 Budget
The President, Muhammadu Buhari presided over the weekly Federal Executive Council meeting in Abuja, the nation’s capital.
The weekly meeting which holds every Wednesdays was shifted to Thursday, October 26, 2017. A tweet from the presidency’s handle @ngrpresidency, showed that the meeting main focus is the 2018 budget.
The Buhari administration has indicated it wants to return to the January to December budget cycle. Buhari’s Budget Proposal For 2018 Increases By 15% To N8.59 Trillion.
The proposed amount represents about 15 per cent increase from this year’s N7.44trn budget. The documents for the MTEF and FSP were presented to the House of Representatives and read at plenary on Tuesday while the proposal is, however, subject to review by either the president or the lawmakers.
The Nigerian Government had previously said that the 2018 budget proposal would be submitted to the National Assembly in October.
President Buhari said the proposed budget is predicated on an oil benchmark of $45 per barrel, with daily production output of 2.51 million barrels per day (bpd).Exchange rate stands at N305/$1.
He added that the oil benchmark was based on moving average (MA) model, which de-links the benchmark from short and medium-term fluctuations in the market price of oil.
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