Thursday, February 9, 2023
Home Latest News|News FEC Okays N727bn NASS Increment on 2020 Budget

FEC Okays N727bn NASS Increment on 2020 Budget

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The Federal Executive Council (FEC) has adopted the increase in the Medium Term Expenditure Framework (MTEF) by the National Assembly from N10.002 trillion to N10.729 trillion.

The Council took the decision during the Extraordinary FEC meeting chaired by President Muhammadu Buhari over the 2020 Budget.

While there was no routine press briefing at the end of the meeting,   a credible source at the State House, Abuja  said FEC commended the National Assembly for the increment of the crude oil benchmark from $55 per barrel to $57 per barrel.

“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 source said on condition of anonymity.

President Buhari will on Tuesday present the 2020 Budget proposal before the joint sitting of the National Assembly.

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