President Buhari to preside over special FEC meeting - Adesina

President Buhari to preside over special FEC meeting - Adesina

- The media spokesperson to President Muhammadu Buhari, Femi Adesina, has said the president will be available to preside over a special FEC meeting on Friday

- The presidential aide said that at the meeting, President Buhari will endorse and approve the 2019 draft budget for submission to National Assembly

- Meanwhile, the minister of budget and national planing, Udoma Udoma, earlier said FG would submit a leaner budget to National Assembly before November

President Muhammadu Buhari will on Friday, December 7, preside over meeting of a `special’ Federal Executive Council (FEC) to deliberate solely on 2019 draft budget proposal.

Femi Adesina, the special adviser to the president on media and publicity, revealed this when he briefed state house correspondents at the end of the council’s meeting.

The News Agency of Nigeria (NAN) reports that the FEC meeting was presided over by Vice President Yemi Osinbajo at the presidential villa, Abuja, on Wednesday, December 5.

READ ALSO: upgrades to a letter from our Editor-in-Chief Bayo Olupohunda gathers that Adesina stated that the Friday’s special FEC meeting would endorse and approve the 2019 draft budget for onward submission to the National Assembly for its approval.

Earlier, on October 18, minister of budget and national planning, Udoma Udoma, at the consultative forum on the medium term expenditure framework and fiscal strategy paper 2019 to 2021, said the federal government planned to submit a leaner 2019 budget to the National Assembly before the end of November.

In spite of the recent oil output drop to about 1.9 million barrels a day, Udoma said government was optimistic the 2.3 million barrels a day target was achievable with production now rising to about 2.15 million barrels a day and new oil productions being put into play.

Although a $50 per barrel oil price benchmark was proposed in the ERGP, he said with a significant rise in the price above $80 per barrel currently, government has proposed a $60 a barrel oil price for the budget.

He said N305 was proposed as exchange rate to the dollar, with government working to keep inflation down after slight increases in the last two months on the heels of 18 months consecutive decline.

The projected target gross domestic product growth rate for the budget was put at 3.01%, reduced from 4.5% in the ERGP; 3.6% in 2020 and 3.9 % in 2021.

He said: “Growth is expected to increase from 0.8% in 2017 to 2.1% this year and 3.01% in 2019 with the continued implementation of the ERGP in 2019 and improved outlook for oil prices."

On revenue, Udoma said based on the oil price and oil production assumptions, government expects to generate about N3.6 trillion from oil, up by about N500 billion from last year’s figure.

About N6.9 trillion revenue is projected to be available to the budget in 2019.

With other projections showing government expects to collect less revenue from some independent sources, he said only about N624 billion is expected to be realised, against about N847 billion in the 2018 budget, among others.

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Meanwhile, previously reported that a Lagos lawmaker, Tunde Braimoh, on Wednesday, December 5, urged politicians not to denigrate President Muhammadu Buhari during campaigns, regardless of political differences.

Braimoh, representing Kosofe constituency II in the Lagos House of Assembly, made the appeal in an interview in Ikeja.

The lawmakers also condemned various allegations that the president was cloned.

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