2016 Budget: FEC Approves N6tr Expenditure
The Federal Executive Council (FEC) on Monday, December 7, approved the sum of N6 tr for the expenditure for 2016 budget under the Medium Term Expenditure Framework (MTEF), The Nation reports.
From Left: Head of Service of the Federation, Winifred Ita-Eyo; Chief of Staff,
Abba Kyari; Secretary to the Government of the Federation, Babachir
Lawal And President Muhammadu Buhari, at the FEC meeting
The 3 hours meeting which presided by Nigeria’s president Muhammadu Buhari took place at the Council Chambers of the Aso Rock presidential villa in Abuja.
Senator Udoma Udo Udoma, , spoke with State House correspondents at the end of the meeting said the approved MTEF, will be forwarded to the National Assembly.
READ ALSO: ‘2016 Budget Delay Shows Buhari’s Unpreparedness’
He was accompanied by Alhaji Lai Mohammed the minister of information and Zainab Ahmed the minister of state for budget and national planning,
According to the minister of budget and national planning, an oil price of $38 per barrel of crude oil and 2.2 million production barrels per day were projected in the framework.
Meanwhile President Buhari on Wednesday, November 18, sent a supplementary budget of N465bn to the Senate for approval due to shortage of funds to carry out important projects in the country.
A partial breakdown of the budget shows: N2bn for feeding of students of unity schools, N413bn for settlement of subsidy claims and N39bn is for operation lafiya Dole, which is the anti-insurgency campaign in the northeast.
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