The Federal Executive Council (FEC) has accepted the over N700billion increase in the Medium Term Expenditure Framework (MTEF) put together by the National Assembly.
The lawmakers had raised the MTEF from N10.O02 trillion to N10.729 trillion after the document was forwarded to them by President Muhammadu Buhari last month.
Quoting a source, reporters said that FEC at the Extraordinary meeting presided over by President Muhammadu Buhari, and held at the Council Chamber of the Presidential Villa, Abuja, commended the National Assembly for increasing the crude oil benchmark from $55 per barrel to $57 per barrel.
“FEC is happy with the National Assembly for increasing the benchmark to $57 per barrel. The additional $2 is to take care of recruitment in the security agencies and also attend to critical areas.
“This is a sign that the legislature and the executive will work together for the interest of Nigerians. It is a good development,” a minister told journalists after the meeting.
The Special Adviser to the President on Media and Publicity, Femi Adesina, had earlier said the meeting would put finishing touches to the 2020 budget.
President Buhari will present the 2020 Appropriation Bill before the joint session of the National Assembly later on Tuesday.
The meeting started with the rendition of the national anthem and Christian prayer by the Minister of Health, Osagie Ehanire while the Minister of Aviation, Hadi Sirika, offered the Muslim version.
Heads of departments at the Federal Ministry of Finance, Budget and National Planning led by the Director-General of Budget, Ben Akabueze reportedly attended the meeting.