The Federal Executive Council (FEC) has approved 2019 budget proposal.
The budget was given approval during Friday’s special FEC session presided over by President Muhammadu Buhari.
The meeting started by 10:30am and lasted till around 1:30pm at the Presidential Villa.
The Minister of Budget and Planning, Udoma Udoma announced the approval to the State House correspondents at the end of FEC meeting at the presidential villa, Abuja.
Udoma said the Council will collaborate with the National Assembly to determine when the president will submit the draft estimates for the approval of the two legislative houses..
The Minister declined comment on the details of the proposal when asked by reporters, saying that the Nigerian constitution only allows the president to give out the details and he will do so when the National Assembly is ready to receive the draft.
It would be recalled that FEC had on 24th October approved the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the 2019 -2021 to provide template for the 2019 budget.
The session which was presided over by President Buhari approved a budget estimate of N8.73tr for the 2019 budget, N400bn lower than that of this year.