Extraordinary FEC session approves provisional Budget of N2.37trillion for 2008
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Oct 3, 2007, 13:38

The Federal Executive Council (FEC) has approved a provisional figure of N 2.37 trillion for the 2008 Appropriation Bill.

The figure was approved at an extra-ordinary (FEC) meeting which held October 2 at the State House, Abuja.
Other highlights of the proposed budget for 2008 include

. a deficit of N381 billion

. a crude oil bench mark of $53.8 per barrel of crude oil as against the 2007 bench mark of $40 per barrel

. Daily oil production estimates of about 1.55 million barrels as against the 1.8 million barrels in 2007, and

. Estimated federation account revenue for 2008 is N4.58 trillion. Of this amount, 82 per cent comes from Oil and Gas; 6 per cent from Value Added Tax (VAT), 7 per cent from Company Income Tax and 5 percent come from Customs and Excise.

Finance Minister, Dr. Shamsudeen Usman, also said, “The point was also made and accepted by the government that resources available from government side alone are never going to be enough to fund the entire requirement especially the huge infrastructure projects. We are actually coming out with different perspective to find alternative ways of funding later to the federal executive council.”

Information and Communication Minister, Mr. John Odey, also assisted at the briefing.

President Umaru Musa Yar’adua is expected to present the before the National Assembly on October 18.

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FEC now to meet fortnightly

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