FG approves 2017 budget, shifts N290/$1 benchmark

The federal executive council has approved the 2017 budget proposal for onward submission to national assembly for final approval.

Udo Udoma, minister of budget and national planning, revealed this at the end of the meeting of the federal executive council in Abuja on Wednesday.

He stated that the approved document would soon be presented to the national assembly, but he didn’t give details of the budget benchmarks.

Udoma added that the date for the presentation would be given by the national assembly; he explained that the N290 per dollar benchmark has had to be adjusted.

On the Medium Term Expenditure Framework (MTEF), he stated that the document was prepared after extensive consultation with stakeholders.

He said his ministry had adequately addressed the observations made against MTEF by the national assembly.

“Naturally, the estimates… every time you improve on your estimate based on the latest estimates. For instance, one of the issues they raised was about the exchange rate.

“That we used 290 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.

“But that MTEF was extremely well prepared consistent with the best possible methods of ‎preparation by people who are very experienced in preparing MTEFs.”

He stated that his ministry would continue ensuring regular briefing on the state of the 2016 budget implementation, saying that 80 percent of the capital allocation of the budget had been released.

Babatunde Fashola, minister of power, works and housing, disclosed that the council approved the construction of federal secretariat complex in Ekiti state, and the furnishing of the federal secretariat in Gombe state.

He said the council also approved the business case for the concession of some Small Hydro dams to achieve incremental power supply across the country.