Posted by Amarachi on Mon 30th Oct, 2023 - tori.ng
The Federal Executive Council (FEC) approved the submission of the supplementary budget at its weekly meeting held today at the Council Chamber of the Presidential Villa, Abuja.
President Bola Ahmed Tinubu
President Bola Ahmed Tinubu is set to present over N2 trillion naira as a supplementary budget to the National Assembly.
The Federal Executive Council (FEC) approved the submission of the supplementary budget at its weekly meeting held today at the Council Chamber of the Presidential Villa, Abuja.
Recall that the federal government proposed N26 trillion as the 2024 budget to be submitted to the National Assembly before December 31, 2023.
The Minister of Planning and Budget, Atiku Bagudu, made the budget proposal known at the end of the Federal Executive Council (FEC) meeting held last week Monday.
Bagudu said the council has approved the 2024-2025 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP).
He added that the executive is required by the Fiscal Responsibility Act to present to the national assembly ahead of a budget presentation, a document which will provide the medium-term economic outlook for the economy.
The minister said FEC made assumptions about the reference price for crude oil which is at $73.96 per barrel as well as an exchange rate of N700.