President Tinubu-led Federal Government has projected the sum of N26 trillion for the 2024 budget.
The Minister of Budget and Planning, Atiku Bagudu, disclosed this to State House correspondents after the second Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Presidential Villa on Monday.
He spoke to journalists alongside his colleagues from Ministry of Information, Mohammed Idris; Finance and Coordinating Minister of Economy, Wale Edun; Works and Housing, Dave Umahi; Industry, Trade and Investment, Doris Uzoka-Anite, and Labour and Employment, Simon Lalong.
He said the Council has approved the 2024-2026 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP), which are a precursor to the budget estates.
He explained that the Executive arm of government is required by the Fiscal Responsibility Act to present MTEF/FSP to the National Assembly ahead of a budget presentation, which is a document which will provide the medium term economic outlook for the economy.
He said FEC made assumptions about reference price for the price of crude oil, which is at $73.96 per barrel as well as an exchange rate of N700 to a $1 USD.
The Minister said: “Now, it was presented on the background of the commendable measures that have been taken since June in order to restore macroeconomic stability by 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, mortgage, 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.”