FG proposes N8.73 trillion budget for 2019

Budget and National Planning, Udo Udoma, at the Federal Executive Council (FEC) meeting held in Abuja on October 24, 2018.

The Federal Government is proposing N8.73 trillion budget for 2019 fiscal year as the the Federal Executive Council (FEC) approved the 2019 – 2021 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP).

Briefing journalists after the FEC meeting in Abuja on Wednesday,  Minister of Budget and National Planning, Senate Udo Udoma, disclosed that the MTEF and FSP contain strategic plans which would help achieve the development objectives of the Federal Government’s Economic Recovery and Growth Plan.

He added the documents would soon be transmitted to the National Assembly, saying that the MTEF was based on the assumptions of $60 per barrel, production of 2.2 million barrels per day, an exchange rate of N305 per dollar, and a Gross Domestic Product (GDP) growth of 3.01 per cent.

Meanwhile, the Council approved a credit facility of $1.5 million from the Africa Development Bank for the Abidjan-Lagos corridor road project.

It also approved a contract for the rehabilitation of the Lagos-Badagry Expressway, specifically the 46km Section from Agbara-Badagry-Seme Border.

President Muhammadu Buhari presided over the FEC meeting held inside the council chamber of the Presidential Villa in Abuja.

The meeting was attended by Vice President Yemi Osinbajo and the Secretary to the Government of the Federation, Mr Boss Mustapha.

Ministers present are Abubakar Malami (justice), Audu Ogbeh (agriculture), Lai Mohammed (information), Abdulrahman Dambazau (interior), and Chris Ngige (labour and employment) among others.