The projection for the appropriation budget for 2024 is N26 trillion, according to the federal government. On Monday, October 16, after the Federal Executive Council (FEC) meeting at the Presidential Villa in Abuja, which was presided over by President Bola Tinubu, Minister of Planning and Budget Atiku Bagudu informed State House reporters of this.
Bagudu announced that the council had approved the fiscal strategy papers (FSP) and medium-term expenditure framework (MTEF) for 2024–2026. He was joined by his colleagues from the Ministry of Information, Mohammed Idris; the Ministry 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 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.
“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.” he said