President Muhammadu Buhari is set to get National Assembly’s nod to present N8.7tn as budget estimates for 2019 to the legislature.
This followed the approval of the proposals by a special session of the Federal Executive Council, which sat in Abuja on Friday.
The Minister of Budget and National Planning, Senator Udoma Udo Udoma, who spoke with State House correspondents soon after the meeting rose, said within days, the President would write the National Assembly, requesting a date to lay the estimates before a joint session of the Senate and the House of Representatives.
Buhari and ministers had sat on the proposals from 10.30am to 1.15pm on Friday before they rose.
Udo-Udoma did not give details of the proposals.
However, ahead of Friday’s meeting, the Federal Government already disclosed that next year’s budget would be N8.7tn, a drop from the N9.12tn approved for 2018.
The 2019-2021 Medium Term Expenditure Framework and Fiscal Strategy Paper already laid before the National Assembly contained N8.7tn as the budget size for 2019.
Earlier on October 24, the FEC had approved the MTEF.
The minister had stated that the government expected a reduction in revenue in 2019 and opted to plan in line with the revenue in view.
For instance, he said government’s borrowing would reduce from N1.6tn in 2018 to N1.5tn in 2019.
As for the deficit, the minister said it would be cut down to N1.6tn in 2019 from the N1.9tn budgeted in 2018.
The government also put the daily oil production figure at 2.3 million barrels.
However, with the recent fluctuations in global crude oil prices and a possible cut in supply by OPEC, it’s unclear whether FEC retained the 2.3mbpd.
It had also recommended $60 as the crude oil benchmark and N305 as exchange rate to the dollar.