The Federal Government has proposed N26 trillion for the 2024 budget, which will be submitted to the National Assembly (NASS) before December 31.
Minister of Planning and Budget, Atiku Bagudu, announced the budget proposal at the end of the Federal Executive Council (FEC) meeting held on Monday, at the presidential villa, Abuja.
Bagudu added that the council has approved the 2024-2025 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP).
According to him, the Executive is required by the Fiscal Responsibility Act to present to NASS – ahead of budget presentation, a document which will provide the medium-term economic outlook for the economy.
He said FEC made assumptions about the reference price for crude oil which is at $73.96 per barrel as well as an exchange rate of N700.
“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, which we maintained that subsidies are gone and indeed the regulation of the foreign exchange market,” the minister said.
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“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 institution as well as funding the newly aligned institutional changes particularly ministries with specific functions that are able to generate growth so 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.”
During the briefing of the state house correspondents, Dave Umahi, Minister of Works and Housing, said the Council approved the continuation of inherited road projects by the past administration which include bridges.
Also, the Federal Government said FEC meetings would only be held on Mondays going forward and the meetings may not be held weekly until there are pressing issues to discuss.
