The Federal Executive Council on Monday agreed with the increase in the Medium Term Expenditure Framework by the National Assembly from N10.02tn to N10. 72tn.
FEC also commended the National Assembly for raising the crude oil benchmark from $55 per barrel to $57 per barrel.
The decisions were taken during the extraordinary meeting presided over by President Muhammadu Buhari at the council chamber in the Presidential Villa, Abuja.
There had been insinuations that the executive might reject the raise by the lawmakers in the proposed budget size.
There was no formal briefing at the end of the extraordinary FEC meeting which lasted for five hours, but it was learnt that members of the cabinet commended the legislators for increasing the benchmark.
A source said, “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 to attend to critical areas. This is a sign that the legislature and the executive will work together in the interest of Nigerians. It is a good development.”
The extraordinary FEC meeting was said to have deliberated on the 2020 appropriation bill expected to be laid before the joint session of the National Assembly on Tuesday (today).
The heads of departments in the Federal Ministry of Finance, Budget and National Planning led by the Director-General of Budget, Ben Akabueze, made a submission at the meeting.
The extraordinary FEC meeting, which was originally scheduled to hold on last week Saturdaywas shifted to Monday.
According to the Special Adviser to the President on Media and Publicity, Femi Adesina, the meeting was to put finishing touches to the 2020 budget.
Senator Henshaw Bassey representing Cross River South Senatorial District had called for the increase in the oil benchmark from $55 per barrel to $65 so as to have more funds for the economy.
He lamented that the nation’s economic growth at less than three per cent was poor.