FEC approves 2019 budget proposals

The Federal Executive Council (FEC) presided over by President Muhammadu Buhari, on Friday in Abuja approved the 2019 Executive Budget Proposals of N8.73 trillion to be presented to the National Assembly for approval.

Minister of Budget and National Planning, Sen. Udoma Udo Udoma, who briefed State House correspondents after the extraordinary FEC, said the proposals would be sent to the National Assembly.

The minister, however, did not give the budget figures, saying it was the president’s prerogative.

“They will be presented to the National Assembly; we will have to consult them in terms of the date of that presentation. The budget is the president’s budget; it is the president that presents it; I will like to be usurping his authority if I give further details; he presents the budget.

“If I speculate on that, I will be encroaching on the role of the National Assembly,’’ he said.

Recall that the Minister of Budget and National Planning, Udoma Udoma, had in November announced that the federal government was considering a leaner 2019 budget of N8.6 trillion, which is leaner than the N9.1 trillion approved by lawmakers for 2018.

Addressing a consultative forum on the medium term expenditure framework (MTEF) and fiscal strategy paper (FSP) 2019-2021, the Minister said the decision was due to reduced government revenue projection for the year.

He also said government planned to cut down the level of borrowing from N1.6 trillion in 2018 to N1.5 trillion in 2019, while the deficit component would be reduced from N1.9 trillion in 2018 to N1.6 trillion.