The Federal Executive Council, FEC on Thursday approved a draft of 2018 budget that will be forwarded to the National Assembly for approval.
“The Federal Executive Council today approved a draft of the 2018 budget proposal,” Minister of National Planning, Udoma Udo Udoma told reporters in the capital Abuja after the weekly ministerial meeting.
“It is the prerogative of the president to give the details of the budget to the National Assembly, not me, so be patient until he presents the budget,” he said.
The details of the draft budget was not disclosed though the ministry national planning last week published a document that said the budget would be a record 8.6 trillion naira ($27.3 billion) in 2018, up 15.5 percent from this year.
Nigeria is hoping to spend it’s way of the recession, the first it will experience in 25 years. According to Udoma, the lawmakers would approve a date for President Buhari to address them and formally submit the budget.
