Nigeria: Govt Holds Special FEC Over 2020 Budget Saturday

3 October 2019

Ahead of President Muhammadu Buhari's budget presentation to the National Assembly next week, an extraordinary federal executive council meeting will be held on Saturday.

The purpose of the FEC meeting on Saturday is to tidy up the appropriation bill in final preparations for presentation.

The early submission of the budget is to enable the National Assembly pass the bill in time to enable the country return the budget cycle to January- December.

The executive had earlier targeted September for the submission of the budget but the President's participation in the United Nations General Assembly stalled the presentation.

LEADERSHIP recalls that the minister of finance, budget and national planning, Zainab Ahmed, had disclosed that the federal government will propose to the National Assembly about N9.79 trillion as total expenditure in the 2020 budget.

The amount represents an increase of 9.75 per cent over the N8.916 trillion spending for 2019.The projection includes a proposed revenue of about N7.64 trillion and a total proposed fiscal deficit component of about N2.142 trillion.

She said the key assumptions of the budget were based on an oil production capacity of 2.18 million barrels per day, crude oil price of $55 per barrel, as against $60 per barrel last year, and exchange rate of N305 to the dollar.

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