FEC Approves 6 Trillion Naira As 2016 Budget

The Federal Executive Council (FEC) has approved the Medium Term Expenditure Framework which pegs the 2016 Budget at six trillion Naira.

This is the outcome of the emergency Federal Executive Council meeting presided over by President Muhammadu Buhari.

Briefing State House correspondents after the meeting, the Minister of National Planning, Udo Udoma, who joined the Minister of Information, Lai Mohammed, said that the crude oil price would be $38, because of the uncertainties in the price of oil.

According to him the Federal Executive Council is optimistic that Nigeria will be capable of producing at least 2.2 million barrels of oil per day.

The FEC called it an expansionist budget which would be one trillion Naira more than that of 2015 and the Minister explained that the increase in the 2016 budget would be spent on capital projects because there is a need to address the infrastructure problems facing the nation.

Before the meeting, President Buhari swore in two Permanent Secretaries, Olakunle Bamgbose and Mahmood Dutse.

Both of them were unavoidably absent duringthe swearing in of other permanent secretaries a few weeks earlier.

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