Abuja — Minister of Budget and Planning, Udoma Udoma, said Wednesday that President Muhammadu Buhari was yet to receive the 2018 budget passed by the National Assembly last week.
Udoma disclosed this while responding to questions from State House correspondents at the end of the Federal Executive Council, FEC, meeting.
On May 16, the National Assembly had approved the budget, six months after it was submitted by the president.
While the lawmakers raised the price of oil benchmark from $45 to $51, they maintained oil production at 2.3 million barrels per day and exchange rate at N305 to a dollar. The budget was raised from 8.6 trillion to 9.1 trillion.
Udoma said the delay in transmitting the budget to the president would have negative impact on the economy.
He added that once the budget gets to the president for assent, the federal government would work on it "very quickly."
"The president is yet to receive the budget; it is therefore, impossible to make a statement about the budget that has not been received," Udoma said.
"Once we get it, we will work very quickly on it. When it is submitted, I am sure the National Assembly will inform Nigerians."