The Federal Government plans to propose N26 trillion as the 2024 budget, which will be submitted to the National Assembly before December 31.
Atiku Bagudu, Minister of Planning and Budget, announced the budget proposal at the end of the Federal Executive Council (FEC) meeting held on Monday at the Presidential Villa, Abuja.
Bagudu said the council has approved the 2024–2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP).
According to him, the Fiscal Responsibility Act requires the executive to present to the National Assembly, ahead of a budget presentation, a document that will provide the medium-term economic outlook for the economy.
He said FEC made assumptions about the reference price for crude oil at $73.96 and an exchange rate of $700.
“Now, it was presented on the background of the commendable measures that have been taken since June 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 can generate growth 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,” he said.
DAILY POST recalls that the government approved a budget of N21.83 trillion for the 2023 fiscal year.
