The National Assembly has approved the addition of 727 billion naira to the 10.2 trillion naira Medium Term Expenditure Framework MTEF earlier approved at an extra-ordinary Federal Executive Council FEC meeting.
After a five-hour meeting, chaired by President Muhammadu Buhari, the Council accepted the 10.729 trillion naira returned to the executive from the legislature.
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 today.
A source, who spoke on a condition of anonymity, said the FEC commended the National Assembly for the increment of the crude oil benchmark from 55 dollars to 57 dollars per barrel.
It was learnt that officials of the Federal Ministry of Finance, Budget and National Planning, led by the Director-General of the Budget Office, Ben Akabueze, made submissions on the budget.
The early submission is geared towards returning the budget from the May-June cycle to January-December cycle.
