FG To Recover N614bn Budget Support From 35 States
Federal Executive Council meeting (image courtesy: State House)

The extraordinary Federal Executive Council (FEC) meeting earlier scheduled to hold on Saturday has been shifted to Monday, October 7, 2019.

The Federal Government made this known in a statement issued on Saturday by the Special Adviser to the President on Media and Publicity, Femi Adesina.

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The statement said the FEC meeting which will hold by 12 noon “is to put finishing touches to the year 2020 budget, which would still be presented to the National Assembly by 2 pm on Tuesday.”

Concise News had reported that the 2020 Appropriation Bill will be presented by President Muhammadu Buhari on Tuesday, October 8, to a joint session of the National Assembly.

Senator Adeyeye Adedayo, Chairman Senate Committee on Media and Public Affairs, disclosed this in Abuja while responding to questions from Senate Correspondents in Abuja.

This is coming after the consideration and passage of the 2020 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) by the Senate.

The passing of the bill followed the presentation and consideration of the report of the Senator Solomon Adeola-led Senate Committee on Finance by the Red Chamber in Abuja.

The upper chamber increased the Federal Government’s proposed expenditure for 2020 from N10.002trillion to N10,729.4trillion.

The Senate also increased the oil benchmark from $55 per barrel to $57 per barrel, representing a $2 increase.

It also increased the 2020 revenue target by the Nigeria Customs Service (NCS) by N557.4billion, that is, from N942.6 billion to N1.5trillion.

However, the Senate retained the exchange rate at N305 per dollar and oil production benchmark at 2.18mbpd as proposed in the MTEF/FSP by the executive.