President Buhari postpones FEC meeting over 2018 budget

- The Federal Executive Council (FEC) meeting has been postponed to Thursday October 26

- The agenda of the meeting is the budget 2018 which is currently being finalised

- The federal government discloses that it will take Nigeria between 5 and 30 years to repay the external loan which it is seeking approval for from the National Assembly

President Muhammadu Buhari has postponed the Federal Executive Council (FEC) meeting which was supposed to hold on Wednesday, October 25.

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The presidency in a statement via Twitter stated that the meeting will now hold on Thursday, October 26.

It said the agenda of the meeting on Thursday will be about the budget 2018 which is currently being finalised.

See the tweet form the presidency below:

Meanwhile, the federal government has disclosed that it will take Nigeria between 5 and 30 years to repay the external loan which it is seeking approval for from the National Assembly, Punch reports.

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This development was made known by the minister of finance, Kemi Adeosun, at a defense session which was convened by the Senate committee on local and foreign debts, on Thursday, October 19.

Legit.ng gathered that Adeosun who was represented by Patience Oniha, director-general, Debt Management Office, urged Nigerians to focus on the loan’s long term benefits.

President Muhammadu Buhari had previously written to both legislative chambers, urging them to allow the government to borrow the sum of $5.5 billion to finance the 2017 budget.

The government had further insisted that in order to complete some ongoing infrastructural projects, it would have to borrow.

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Source: Legit.ng