FG plans N26trn budget for 2024

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Abuja, Oct. 16, 2023 – The Federal Government is planning a N26 trillion budget for 2024.

The budget estimate will be submitted to the National Assembly before December 31.

Atiku Bagudu, Minister of Planning and Budget, said this at the end of the Federal Executive Council (FEC) meeting on Monday.

He said the Federal Executive Council had approved the 2024–2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Policy (FSP).

The minister said the budget was predicated on crude oil price of $73.96 per barrel and an exchange rate of N700 to the dollar

“Now, it was presented on the background of the commendable measures that have been taken since June to restore macroeconomic stability, particularly the deregulation of petroleum prices, for 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 institutions, as well as funding the newly aligned institutional changes, particularly ministries with specific functions that can generate growth 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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