President Muhammadu Buhari has proposed a budget of N7.2 trillion for the 2017 fiscal year.
According to a close source, the Federal Executive Council approved the 2017 Appropriation Bill yesterday during a six-hour meeting presided over by the President.
The budget estimate that will be laid before the National Assembly for the year 2017 is N7.2 trillion. This is what FEC approved.
The source hinted.
This is about 24 percent higher than the 2016 budget which is N6.06 trillion.
Budget and Planning Minister, Udoma Udoma who briefed State House correspondents after the meeting, confirmed that the council approved the 2017 budget proposal.
He said the president would communicate the Appropriation Bill to the National Assembly; while the legislature would use its discretion to decide when it will be presented.