FG approves N727 billion budget increment

The additional N727 billion included into the N10.2 trillion Medium Term Expenditure Framework (MTEF) proposal by the National Assembly has been approved by the Federal Executive Council (FEC).

The Nigerian Senateraised the proposed 2020 budget to N10.729 trillion from the initial N10.002 trillion last week.

The Details: The council approved the N10.729 trillion returned by the legislature after a five-hour meeting which was presided over by President Muhammadu Buhari yesterday.

The newly approved 2020 Appropriation Bill will now be presented by the President to a joint session of the National Assembly.

The decision by the Senate to increase the oil benchmark from $55 per barrel to $57 per barrel, representing a $2 increase was commended by the FEC. The early submission of the budget is to return the budget cycle from June-May to January-December.