The Federal Executive Council (FEC) on Wednesday approved the country’s 2017 budget proposal – which will now be forwarded to the National Assembly for consideration and approval.
The approval was made known to State House correspondents by the Minister of budget and national planning, Udoma Udo Udoma, after a marathon FEC meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.
The minister also added that the MTEF, which was described by the Senate as empty, is a comprehensive document that emanated from wide consultations with key stakeholders.
He said, “The budget has been approved by the Federal Executive Council. The details will be revealed when the president presents the budget to the National Assembly.
“The MTEF was a very well prepared document after extensive consultations. We consulted the private sector, NGOs, etc.
“But the assumptions of that MTEF were assumptions which were true and correct as of the time it was prepared in August. Naturally, the estimates may vary; every time you (have to) improve on your estimate based on the latest estimates.”
On when the president will present the budget to the National Assembly, he said:
“With regards to the date, the president will be communicating to the National Assembly and, of course, it will be at the National Assembly’s discretion ultimately. The president will write to them, and after they confirm, then the president can come to address them.”
The minister explained that one of the issues raised by the Senate was the exchange rate which the executive put at N290 to $ and explained that, that was the valid exchange rate at the time.