In a report by Daily Trust, the sum was approved by the Federal Executive Council approved during a six-hour meeting presided over by the President.

The 2017 budget is about 24 percent higher than the 2016 budget which was passed and approved at N6.06 trillion.

"The budget estimate that will be laid before the National Assembly for the year 2017 is N7.2 trillion. This is what FEC approved," a source reportedly hinted.

Though Budget and Planning Minister Udoma Udoma, confirmed that the FEC approved the 2017 budget proposal, the exact amount proposed was not disclosed.

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Furthermore, Udoma had reportedly hinted that the estimates in the document at the time of its submission were bound to change due to the changes in the exchange rate.