The Federal Government is projecting a sum of N26 trillion as the estimate for the 2024 appropriation budget, with the intention of submitting the proposal to the National Assembly before December 31, 2023.
The Minister of Planning and Budget, Atiku Bagudu, disclosed this while briefing correspondents at the end of the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Presidential Villa in Abuja on Wednesday.
Joined by his colleagues from the Ministry of Information, Mohammed Idris; Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Works and Housing, Dave Umahi; Industry, Trade, and Investment, Doris Uzoka-Anite; and Labour and Employment, Simon Lalong, he said the council has approved the 2024–2026 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP).
He affirmed that the executive is required by the Fiscal Responsibility Act to present to the National Assembly, ahead of a budget presentation, a document that will provide the medium-term economic outlook for the economy.
According to him, the FEC made assumptions based on $73.96 per barrel of crude oil and an exchange rate of N700 to $1.
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, where we maintained that subsidies are gone, and indeed, the regulation of the foreign exchange market.
“So, the council deliberated, as well as the implications 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 it would be better for our country.
“The council members acknowledged the medium-term expenditure framework, and it was agreed that we can proceed to the next step of consultation and presentation to the National Assembly.”
Details to come later…
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