October 16, (THEWILL) – The Federal Government is projecting the sum of N26 trillion as the estimate for the 2024 appropriation budget.
Minister of Budget and Planning, Atiku Bagudu, disclosed this to State House correspondents at the end of the Federal Executive Council (FEC) meeting, presided over on Monday, by President Bola Tinubu.
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, Bagudu said the proposal would be submitted to the National Assembly before December 31, 2023.
The Minister said the council has approved the 2024–2026 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP).
Accordung to Bagudu, the executive is required by the Fiscal Responsibility Act to present to the national assembly ahead of a budget presentation, a document which will provide the medium-term economic outlook for the economy; adding that the FEC made assumptions about the reference price for crude oil which is at $73.96, as well as an exchange rate of $700.
“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.
“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”, he said.
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