{"id":945,"date":"2017-10-26T16:44:38","date_gmt":"2017-10-26T16:44:38","guid":{"rendered":"http:\/\/nigerianews.ca\/?p=945"},"modified":"2017-11-16T17:38:40","modified_gmt":"2017-11-16T17:38:40","slug":"federal-executive-council-approves-draft-of-2018-n8-59-trillion-budget-proposal","status":"publish","type":"post","link":"https:\/\/nigerianews.ca\/federal-executive-council-approves-draft-of-2018-n8-59-trillion-budget-proposal\/","title":{"rendered":"Federal Executive Council Approves Draft Of 2018 N8.59 Trillion Budget Proposal"},"content":{"rendered":"
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\"President<\/em><\/p>\n

…..Budget Proposal For 2018 Increases By 15% To N8.59 Trillion<\/em><\/p>\n

October 26, 2017:\u00a0The Federal Executive Council has approved the draft of the 2018 budget proposal of\u00a0<\/strong> N8.59 Trillion<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n

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This was announced on\u00a0Thursday by the Minister of Budget and National Planning, Udo Udoma, after the FEC meeting in Abuja, the nation\u2019s capital.<\/p>\n

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.\u00a0 Meanwhile, the Minister of Finance, Mrs Kemi Adeosun, informed that N450billion capital has so far been released from the 2017 budget.<\/p>\n

The Council also\u00a0approved a 14-kilometre 330KVA electricity transmission line at a cost of N796.6m.<\/p>\n

FEC Meeting Focuses On 2018 Budget<\/strong><\/em><\/p>\n

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The President, Muhammadu\u00a0Buhari presided over the weekly Federal Executive Council meeting in Abuja, the nation\u2019s capital.\u00a0 \u00a0<\/strong><\/em><\/p>\n

The weekly meeting which holds every Wednesdays was shifted to Thursday, October 26, 2017.\u00a0 A tweet from the presidency\u2019s handle @ngrpresidency, showed that the meeting main focus is the 2018 budget.<\/p>\n

The Buhari administration has indicated it wants to return to the January to December budget cycle.\u00a0 Buhari\u2019s Budget Proposal For 2018 Increases By 15% To N8.59 Trillion.<\/p>\n<\/div>\n

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\u00a0President Muhammadu Buhari has proposed the sum of N8.595 trillion for the 2018 budget, according to the details of the 2018-2020 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) presented to the National Assembly on Tuesday.<\/div>\n
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The p<\/b>roposed amount represents about 15 per cent increase from this year\u2019s N7.44trn budget.\u00a0\u00a0The documents for the MTEF and FSP were presented to the House of Representatives and read at plenary on Tuesday while the\u00a0proposal is, however, subject to review by either the president or the lawmakers.<\/p>\n

The Nigerian Government had previously said that the\u00a02018 budget proposal would be submitted to the National Assembly in October.<\/p>\n

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.<\/p>\n

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.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Channels Television<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

…..Budget Proposal For 2018 Increases By 15% To N8.59 Trillion October 26, 2017:\u00a0The Federal Executive Council has approved the draft of the 2018 budget proposal of\u00a0 N8.59 Trillion This was announced on\u00a0Thursday by the Minister of Budget and National Planning, Udo Udoma, after the FEC meeting in Abuja, the nation\u2019s capital. Briefing State House correspondents […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[66],"tags":[],"class_list":["post-945","post","type-post","status-publish","format-standard","hentry","category-top-news","entry"],"yoast_head":"\nFederal Executive Council Approves Draft Of 2018 N8.59 Trillion Budget Proposal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nigerianews.ca\/federal-executive-council-approves-draft-of-2018-n8-59-trillion-budget-proposal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Federal Executive Council Approves Draft Of 2018 N8.59 Trillion Budget Proposal\" \/>\n<meta property=\"og:description\" content=\"…..Budget Proposal For 2018 Increases By 15% To N8.59 Trillion October 26, 2017:\u00a0The Federal Executive Council has approved the draft of the 2018 budget proposal of\u00a0 N8.59 Trillion This was announced on\u00a0Thursday by the Minister of Budget and National Planning, Udo Udoma, after the FEC meeting in Abuja, the nation\u2019s capital. 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