The Federal Government has approved the 2017 budget proposal for onward submission to National Assemb
- ly for final approval.
The budget was approved by the Federal Executive Council (FEC) at its meeting on Wednesday.
The Minister of Budget and National Planning, Mr. Udoma Udo Udoma, who spoke after the FEC meeting said the approved document would soon be presented to the National Assembly.
The minister added that the date for the presentation would be given by the National Assembly.
Speaking on Medium Term Expenditure Framework (MTEF), the minister stated that the document has been worked upon and the observations of the Sentae has been rectified.
“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 said.