SAN FRANCISCO, October 26, (THEWILL) – The Federal Executive Council (FEC) Thursday approved the 2018 budget draft at a meeting chaired President Muhammadu Buhari.
The development is a promise kept by the executive arm of government that budget estimates for 2018 would be ready this month for onward passage to the National Assembly.
Briefing journalists at the end of the meeting, the Minister of Budget and National Planning, Udoma Udo Udoma, said the president would present the budget estimates to the National Assembly as soon as a date is confirmed.
Udoma declined to give details of the estimates saying it would be made public when all the processes required for it to become law have been completed.
Nigeria has so far released N450 billion to fund capital projects in the 2017 budget, Finance Minister, Kemi Adeosun said during the briefing.
Nigeria recently recorded a marginal GDP growth of 0.55% after recording five quarters of negative growth.
