President Buhari is expected to present it to the National Assembly on Tuesday, October 31.
Minister of Budget and National Planning, Udoma Udo Udoma, disclosed this after the council's meeting at the Council Chambers on Thursday, October 26, 2017.
While failing to disclose any specific detail of the approved proposal, he said that the executive arm of government will reach a decision with the National Assembly on when President Buhari can present it to parliament.
President Buhari's presentation is expected to happen on Tuesday, October 31, as the Federal Government has severally promised to present the bill to the National Assembly in October to restore the budget calendar from January through to December.
The 2017 bill was not passed into law until June this year, when Acting President, Yemi Osinbajo signed the N7.44 trillion Budget of Economic Recovery and Growth.
In July, Udoma revealed that the 2018 appropriation bill will be around N7.9 trillion but there have been other reports stating that the proposed amount is N8.6 trillion, a 15 percent increase from the 2017 budget.