Tinubu-led Government Projects N26 Trillion for 2024 Budget
The Federal Government under the leadership of President Bola Tinubu is anticipating an estimated budget of N26 trillion for the fiscal year 2024.
The Minister of Planning and Budget, Atiku Bagudu, revealed this information during a briefing with State House correspondents after the Federal Executive Council (FEC) meeting, which was presided over by President Tinubu at the Presidential Villa in Abuja on Monday, October 16.
Bagudu, accompanied by colleagues from various ministries, including Information, Finance, Works and Housing, Industry, Trade, and Investment, and Labour and Employment, stated that the council has approved the 2024–2026 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP).
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He emphasized that the executive is mandated by the Fiscal Responsibility Act to present a document outlining the medium-term economic outlook to the National Assembly prior to the budget presentation.
The projections were made based on assumptions of $73.96 per barrel of crude oil and an exchange rate of N700 to $1.
Bagudu highlighted some commendable measures taken since June to restore macroeconomic stability, including the deregulation of petroleum prices and the regulation of the foreign exchange market.
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The council acknowledged the medium-term expenditure framework and agreed to proceed with further consultation and presentation to the National Assembly.
