On Monday, the Federal Government unveiled its proposal for the 2024 budget, amounting to N26 trillion, with plans to submit it to the National Assembly before December 31. Atiku Bagudu, the Minister of Planning and Budget, made the announcement after the Federal Executive Council (FEC) meeting held at the Presidential Villa in Abuja.
Bagudu disclosed that the council had given its approval for the 2024-2025 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP). According to him, the Fiscal Responsibility Act mandates the executive to present a document outlining the medium-term economic outlook for the economy ahead of the budget presentation to the National Assembly.
During his statement, Bagudu highlighted key assumptions made in the proposal, including a reference price for crude oil set at $73.96 per barrel and an exchange rate of N700. He emphasized the commendable measures taken since June to restore macroeconomic stability, such as the deregulation of petroleum prices and the regulation of the foreign exchange market.
“Subsidies are gone, and indeed the regulation of the foreign exchange market,” noted the minister.
The proposal also addressed various economic aspects, including the renewed hope agenda, consumer credits, mortgages, and institutional changes. Bagudu stated, “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.”
The unveiling of the proposed budget signals a crucial step in the budgetary process, paving the way for further consultation and discussions with the National Assembly as the government works towards the approval and implementation of the 2024 fiscal plan.
