Tinubu proposes N26trn for 2024 budget

…As FEC approves Medium-Term Expenditure Framework

By Matthew Denis

The Federal Government has revealed its 2024 budget proposal, amounting to a substantial N26 trillion.

This proposal is set to be presented to the National Assembly before the end of the year, with the deadline being December 31.

The Minister of Planning and Budget, Atiku Bagudu stated this during the meeting of the Federal Executive Council (FEC) at the Presidential Villa in Abuja on Monday

Mr. Bagudu noted that the Council has given its approval for the 2024-2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP). These documents are crucial under the Fiscal Responsibility Act, as they provide a medium-term economic outlook for the nation ahead of the budget presentation.

During the presentation, the Minister outlined certain key assumptions considered in the budget proposal. The reference price for crude oil is set at $73.96, and an exchange rate of $700 has been factored into the budget.

Bagudu emphasised the positive steps taken since June to restore macroeconomic stability. He particularly highlighted the deregulation of petroleum prices and the elimination of subsidies, along with the regulation of the foreign exchange market.

The Minister further explained, “The Council deliberated on the implications of these measures, as well as the promises made in the Renewed Hope Agenda, which include consumer credits, mortgages, the restructuring or elimination of certain institutions, and funding for newly redefined ministries with specific functions aimed at generating growth for our nation.”