The estimated amount for the 2024 appropriation budget, according to the Federal Government, is N26 trillion.
On Monday, October 16, after the Federal Executive Council (FEC) meeting at the Presidential Villa in Abuja under the direction of President Bola Tinubu, the Minister of Planning and Budget, Atiku Bagudu, revealed this while briefing State House reporters.
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 confirmed that the Fiscal Responsibility Act requires the executive to provide the National Assembly with a document outlining the economy’s medium-term outlook before presenting the budget.
He claims that the FEC’s assumptions were based on the price of crude oil at $73.96 per barrel and the exchange rate of N700 to $1.
“Now, it was presented against the backdrop of the admirable steps taken since June to restore macroeconomic stability, particularly the deregulation of petroleum prices, where we maintained that subsidies have ended, and in fact, the regulation of the foreign exchange market.
The council therefore discussed the effects of this and all of the policies promised in the renewed hope agenda—consumer credits, mortgages, institutions that have been reversed or dismissed, as well as funding for the newly aligned institutional changes, particularly for ministries with specific responsibilities that can spur economic growth—in order to make things better for our nation.
The medium-term expenditure framework was acknowledged by the council members, and it was decided that we could move on to the next stage of consultation and presentation to the National Assembly.
“, he declared.
