President Muhammadu Buhari is set to present the 2018 budget estimates to the National Assembly.
The Federal Executive Council (FEC) approved the plan yesterday.
Minister of Budget and National Planning Udoma Udo Udoma told reporters after the meeting: “We did promise that the budget will be ready in October and it is ready in October. We are liaising with the National Assembly because they have to approve the date for the President to come and address them to submit the budget.”
He was with the Minister of Information and Culture Lai Mohammed, Minister of Finance Kemi Adeosun and the Minister of Power, Works and Housing Babatunde Fashola.
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Asked to give an insight into the approved 2018 budget proposal, Udoma said it was the prerogative of the President.
“I will be operating above my brief if I do that, the constitution gives that authority to the President. It is the President’s prerogative to submit the budget, submit the proposals and give the details.”
On how possible it is for the 2018 budget to be passed in January, he said: “Before now, we used to submit the budget in December but now the budget is ready in October so there is a very big difference.
The Minister of Finance said the government had so far released N450 billion for capital projects in the 2017 budget.
Fashola said FEC approved the construction of 14 kilometre 330KVA transmission line to Transmission Company of Nigeria to evacuate Azua power plant in Edo State when it is ready in May 2018.
“The contract is for the sum of N796.6 million for a period of seven months, just about when Azua should be ready.” he said.
