Notwithstanding the volatility of the foreign exchange market, the Federal Government yesterday, benchmarked its 2024 budget on a crude oil price of $73.96 per barrel and an exchange rate of N700 to the dollar, while projecting N26 trillion for the fiscal year, targeting to submit same to the National Assembly before December 31, 2023.
also affirmed that the administration would maintain the January – December budget implementation cycle as President Bola Tinubu would soon present the 2024 appropriation bill to the National Assembly to ensure its ratification before the end of the year.
The Minister of Planning and Budget, Atiku Bagudu, made the disclosure at the end of the Federal Executive Council (FEC), presided over by President Bola Tinubu.
Bagudu was joined in the briefing by his colleagues from the Minister of Information, Mohammed Idris; Minister of Finance and Coordinating Minister of Economy, Wale Edun; Works and Housing Minister, Dave Umahi; Industry, Trade and Investment Minister, Doris Uzoka-Anite; and Minister of Labour and Employment, Simon Lalong. He further announced that the Council has approved the 2024-2026 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP).
“The aggregate expenditure is estimated at N26.01 trillion for the 2024 budget, which includes statutory transfers of N1.3 trillion non-debt recurrent expenditure of N10.26 trillion. Debt service is estimated at N8.25 trillion as well as N7.78 trillion being provided for personnel pension cost.”