Headlines

FEC Approves N727b Increment On 2020 Budget

Published

5 years ago

Oct 8, 2019.

– The Federal executive Council has approved N727 billion added to the N10.2 trillion Medium Term Expenditure Framework (MTEF)
– The FEC commended the National Assembly for the increment of the crude oil benchmark from $55 to $57 per barrel
– FEC is happy with the National Assembly for increasing the benchmark to $57 per barrel

The Federal executive Council has approved N727 billion added to the N10.2 trillion Medium Term Expenditure Framework (MTEF) proposal by the National Assembly,following a five-hour meeting, chaired by President Muhammadu Buhari.

It was learnt 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 preferred anonymity told our correspondent that 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.”

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