The Federal Executive Council meeting presided over by President Bola Tinubu on Monday, approved a budgetary benchmark of N26 trillion for the 2024 fiscal year.
The ministries and parastatals saddled with the responsibilities of perfecting the budget estimates are expected to present the document to the National Assembly before December 31, 2023.
Atiku Bagudu, Minister of Budget and National Planning, gave a cursory view of what transpired at the FEC meeting, which is the second in the series since Tinubu became President.
Giving further insights, the minister said the council approved the 2024-2026 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP).
He noted that the executive is required by the Fiscal Responsibility Act to present the MTEF to the National Assembly ahead of a budget presentation, a document that will provide the medium-term economic outlook for the economy.
According to FEC, other assumptions, especially for the price of crude oil, were $73.96 as well as an exchange rate of N700/$
He said: “Now, it was presented on the background of the commendable measures that have been taken since June in order to restore macroeconomic stability, particularly the deregulation of petroleum prices, for which we maintained that subsidies are gone and indeed the regulation of the foreign exchange market.
“So Council deliberated, as well as the implication of this and all measures promised in the renewed hope agenda, consumer credits, mortgages, reversed or dismissed institutions, as well as funding the newly aligned institutional changes, particularly ministries with specific functions that are able to generate growth, so that would be better for our country. The council members acknowledge the medium term expenditure framework, and it is agreed that we can go ahead to the next step of consultation and presentation to the National Assembly.”
