FG Projects N26trn For The 2024 Budget

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The Federal Government of Nigeria has set a projected estimate of N26 trillion for the 2024 appropriation budget. 

This plan includes submitting the proposal to the National Assembly before December 31, 2023. 

The Minister of Planning and Budget, Atiku Bagudu, revealed this information after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu in Abuja.

Minister Bagudu was joined by other cabinet members, including the Minister of Information, Mohammed Idris; Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Works and Housing, Dave Umahi; Minister of Industry, Trade, and Investment, Doris Uzoka-Anite; and Minister of Labour and Employment, Simon Lalong.

The FEC approved the 2024–2026 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP). 

This move aligns with the requirements of the Fiscal Responsibility Act, which mandates the presentation of a medium-term economic outlook to the National Assembly ahead of the budget presentation.

The assumptions for the budget include a crude oil price of $73.96 per barrel and an exchange rate of N700 to $1. 

The Minister noted that the budget planning takes into account measures taken since June to restore macroeconomic stability, such as the deregulation of petroleum prices and the regulation of the foreign exchange market.

The council discussed the implications of these measures and how they align with the renewed hope agenda, which includes aspects like consumer credits, mortgages, institutional changes, and funding for ministries with specific functions aimed at fostering economic growth.

With the medium-term expenditure framework acknowledged, the government is now proceeding to consult and present the budget proposal to the National Assembly for further consideration.

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