Johnbosco Agbakwuru – Abuja
THE Federal Executive Council, (FEC) has accepted the increase in the Medium Term Expenditure Framework, (MTEF) initiated by the National Assembly from N10. O02 trillion to N10. 729 trillion.
FEC at the Extraordinary meeting presided over by President Muhammadu Buhari at the Council Chamber of the Presidential Villa, Abuja, commended the National Assembly for the increment of the crude oil benchmark from $55 per barrel to $57 per barrel.
There were insinuations that the executive may reject the increase in the proposed budget size by over N700 billion.
Although there was no normal briefing at the end of the meeting which lasted about five hours, Vanguard gathered that members of the cabinet commended the legislators for increasing the benchmark.
The source, who spoke on the condition of anonymity, said: “FEC is happy with the National Assembly for increasing the benchmark to $57 per barrel. The additional $2 is to take care of recruitment in the security agencies and also attend to critical areas.
“This is a sign that the legislature and the executive will work together for the interest of Nigerians. It is a good development.”
The extraordinary FEC meeting Vanguard gathered deliberated on the 2020 Appropriation Bill expected to be laid before the joint session of the National Assembly on Tuesday.
Departmental heads in the Federal Ministry of Finance, Budget and National Planning led by the Director-General of Budget, Ben Akabueze made submissions at the meeting.