The Federal Executive Council (FEC) has approved N 6 trillion as 2016 Budget. This decision was taken at the emergency Federal Executive Council meeting presided over by President Muhammadu Buhari on Monday. The Minister of National Planning, Udo Udoma, who joined the Minister of Information, Lai Mohammed, to brief journalists after the meeting, said that the crude oil price benchmark would be $38, because of the uncertainties in the price of oil.
The FEC called the budget an expansionist one which would be one trillion Naira more than that of 2015. The Minister explained that the increase in the 2016 budget would be spent on capital projects because there is a need to address the infrastructure problems facing the nation.