Atiku Bagudu, the Minister of Planning and Budget.
The Federal Government has set a projection of N26 trillion as the estimated budget for the year 2024. This disclosure came during a briefing with State House correspondents following the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu at the Presidential Villa in Abuja on Monday, October 16.
Present at the briefing were various ministers, including Atiku Bagudu, the Minister of Planning and Budget, along with colleagues from the Ministry of Information, Mohammed Idris, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Dave Umahi from Works and Housing, Doris Uzoka-Anite from Industry, Trade, and Investment, and Simon Lalong from Labour and Employment.
Bagudu also announced that the council has approved the 2024–2026 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP).
He emphasized that the Fiscal Responsibility Act requires the executive to present a document to the National Assembly, outlining the medium-term economic outlook for the economy before the budget presentation.
He stated that the FEC formulated its assumptions using a crude oil price of $73.96 per barrel and an exchange rate of N700 to $1.
“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, where we maintained that subsidies are gone, and indeed, the regulation of the foreign exchange market.
Hence, the council engaged in discussions about the potential outcomes of the measures outlined in the renewed hope agenda, such as consumer credits, mortgages, institutional adjustments, and financial support for newly restructured entities, especially ministries with growth-promoting functions. The objective was to enhance our nation’s well-being.
The council members acknowledged the medium-term expenditure framework, and a consensus was reached that we can now move forward to the next phase of consultation and presentation to the National Assembly,” he explained.