The Federal Executive Council (FEC) on Wednesday approved the 2017 budget proposal preparatory to its transmission to the National Assembly for approval.
Minister of Budget and National Planning, Senator Udoma Udo Udoma, while briefing State House correspondents on the outcome of the meeting did not disclose details of the document.
He simply said President Buhari would soon write the leadership of both chambers of the parliament proposing a date when he would present the fiscal document.
According to the Budget minister, who was joined by the Minister of Power, Works and Housing, Babatunde Fashola, the lawmakers would decide the date for presentation. “The budget has been approved by the Federal Executive Council and the details will be revealed when the president presents the budget to the National Assembly,” he said.
“With respect to implementation of the 2016 budget, we have revenue constraints. We have paid all personnel in full. We meet all our personal emoluments in full.”
Explaining the controversy that trailed the submission of the Medium Term Expenditure Framework (MTEF) by the presidency, which was returned by the Senate, Udoma said the MTEF was a very well prepared document after extensive consultations. “We consulted the private sector and Non-Governmental Organisations (NGOs).
According to him, the assumptions of that MTEF were true and correct as of the time the document was prepared in August this year. “One of the issues they raised was the exchange rate — that we used N290 as the exchange rate — and that was the exchange rate of the time.
“So, you only use the exchange rate that is valid at that time. Naturally, by now you will change that. So, whenever we appear before the national assembly, we’ll engage them and take them through each item.”
Also speaking, Minster of Power, Works and Housing, Babatunde Fashola, said FEC had also approved the business case for concessioning and development of Ikere Gorge Dam in Oyo for six mega watts of electricity, Bakolori Dam in Zamfara for 3.2 megawatts, Jibiya Dam in Katsina for 4 megawatts, Zobe Dam for 0.29 megawatts (290 kilowatts) in Katsina, Kampe Omi in Kogi for two megawatts of electricity and Doma Dam in Nasarawa for one megawatt of hydro electricity.
This, he said, was in furtherance of the administration’s incremental power initiative and rural electrification initiative.
“Not only do these projects further our quest for incremental energy wherever there is legitimate opportunity, they further our quest for renewable energy as well because hydro electricity is also clean energy,” Fashola noted.
Fashola also said FEC also approved the commencement of the Federal Secretariat complex in Ekiti state and the furnishing of the one in Gombe state.
Fashola said even though the Ekiti project was conceived in the year 2000, funding was not provided for it.
