President Muhammadu Buhari will, on Friday, preside over a ‘special’ Federal Executive Council meeting to deliberate solely on the 2019 draft budget proposal.
The Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, revealed this when he briefed State House correspondents at the end of the Council’s meeting on Wednesday.
The News Agency of Nigeria reports that the FEC meeting was presided over by Vice-President Yemi Osinbajo at the Presidential Villa, Abuja, on Wednesday.
Adesina stated that Friday’s Special FEC meeting would endorse and approve the 2019 draft budget for onward submission to the National Assembly for its approval.
NAN reports that on October 18, Minister of Budget and National Planning, Udoma Udoma, at the consultative forum on the medium term expenditure framework and fiscal strategy paper 2019 to 2021, said the Federal Government plans to submit a leaner 2019 budget to the National Assembly before the end of November.
In spite of the recent oil output drop to about 1.9 million barrels per day, Udoma said government was optimistic the 2.3 million barrels a day target was achievable, with production now rising to about 2.15 million barrels a day and new oil productions being put into play.
Although a $50 per barrel oil price benchmark was proposed in the ERGP, he said with a significant rise in the price above $80 per barrel currently, government has proposed a $60 a barrel oil price for the budget.