Federal Executive Council Approves N700 billion National Assembly Increase In 2020 budget
Written by Smooth FM on October 8, 2019
The Federal Executive Council on Monday agreed with the increase in the Medium Term Expenditure Framework by the National Assembly from N10.02tn to N10. 72tn.
FEC also commended the National Assembly for raising the crude oil benchmark from $55 per barrel to $57 per barrel.
The decisions were taken during the extraordinary meeting presided over by President Muhammadu Buhari at the council chamber in the Presidential Villa, Abuja.
There had been insinuations that the executive might reject the raise by the lawmakers in the proposed budget size.
There was no formal briefing at the end of the extraordinary FEC meeting which lasted for five hours, but it was learnt that members of the cabinet commended the legislators for increasing the benchmark.