The Federal Executive Council, FEC, yesterday proposed the sum of N26.01 trillion for the 2024 fiscal year to be submitted to the National Assembly.
The government said it was working towards ensuring that the January to December budget circle was maintained and that the 2024 budget was passed and signed before December 31, 2023.
The Minister of Budget and Planning, Atiku Bagudu, disclosed this at the end of council’s meeting presided over by President Bola Tinubu at the Council Chamber, Presidential Villa, Abuja.
Briefing State House correspondents at the end of FEC meeting alongside his colleagues from Ministry of Information and National Orientation, Mohammed Idris, the Minister of Finance and Coordinating Minister of Economy, Wale Edun, Minister of Works, Engr. Dave Umahi, Industry, Trade and Investment, Doris Uzoka-Anite, Labour and Employment, Simon Lalong, as well as the Minister of State for Labour, Nkeiruka Onyejecha, Bagudu said the council had approved the 2024-2026 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Papers, FSP.
He explained that the executive was required by the Fiscal Responsibility Act to present to the National Assembly, ahead of a budget presentation, a document which would provide the medium-term economic outlook for the economy.
He said FEC made assumptions about the reference price for the price of crude oil which is at $73.96; exchange rate put at N700/$; oil production of 1.78 million barrels per day; debt service of N8. 25 trillion; inflation at 21 per cent and GDP growth at 3.76 percent.
Bagudu said: “Now, it was presented on the background of the commendable measures that have been taken since June in order to restore macroeconomic stability, particularly by 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 that would be better for our country.
“The council members acknowledged 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.
