The Federal Executive Council (FEC) has approved 8.73 trillion Naira as budget for 2019. 

It was part of the issues discussed at the weekly meeting Presided over by President Muhammadu Buhari on Wednesday. 

Figures on the budget was in the 2019 to 2021 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) which were approved by the Council. 

Addressing reporters after the meeting, the Minister of Budget and National Planning, Udo Udoma, said the MTEF and FSP contained strategic plans which would help achieve the development objectives of the Federal Government’s Economic Recovery and Growth Plan.

The next phase of the process would be to transmit the documents to the National Assembly for their scrutiny and passage, the Minister said.

According to the Senator, the MTEF was based on the assumptions of $60 per barrel, production capacity of 2.2 million barrels per day, an exchange rate of 305 Naira per dollar, and a Gross Domestic Product (GDP) growth of 3.01%.

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 The approval of the budget was also shared on the Twitter page of the Nigerian government. 

The Council also approved a credit facility of $1.5 million from the Africa Development Bank for the Abidjan-Lagos corridor road project and a contract for the rehabilitation of the Lagos-Badagry Expressway, specifically the 46km Section from Agbara-Badagry-Seme Border.

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