Business & Finance

Cabinet approves 2019 Budget proposals

The Federal Executive Council has approved the 2019 Budget proposals.

The approval was given on Friday at a Special Session of the cabinet presided over by President Muhammadu Buhari.

Minister of Budget and National Planning, Senator Udoma Udo Udoma, who briefed State House correspondents after the meeting, said the executive arm of government would consult with the National Assembly on the date when the president would present the budget.

Udoma would not disclose the figures in the budget proposal approved by the Federal Executive Council, saying he did not want to usurp the powers of the president.

The budget is the president's budget. It is the president that presents it.

I will not want to be usurping his role or his authority. He presents the budget.

Asked if a tentative date has been chosen for the presentation of the budget, Udoma said: we are hoping as soon as possible.

We will be in touch with the National Assembly because they have to agree to the date on which they would receive the budget.

We are going to be in touch with them immediately. But the budget is ready.

The minister said he would not want to encroach on the responsibility of the National Assembly by giving a tentative date for the presentation of the budget.

My experience in these matters is that if I speculate on that, I will be encroaching on the responsibility of another arm of government: the National Assembly.

On how fluctuations in oil price in the international market could affect the budget, Udoma said the president would address everything relating to it his budget speech.

Source: Voice of Nigeria