BREAKING: FG proposes N26trn as 2024 budget


The federal government Monday is proposing N26 trillion as
the 2024 budget which will be submitted to the national assembly before
December 31.


Atiku Bagudu, minister of planning and budget, announced the
budget proposal at the end of the federal executive council (FEC) meeting held
on Monday, at the presidential villa, Abuja.


Bagudu said the council has approved the 2024-2026
medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP).


He added that the executive is required by the Fiscal
Responsibility Act to present to the national assembly ahead of a budget
presentation, a document which will provide the medium-term economic outlook
for the economy.


He said FEC made assumptions about the reference price for
crude oil which is at $73.96 as well as an exchange rate of $700.


“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, which we
maintained that subsidies are gone and indeed the regulation of the foreign
exchange market,” the minister said.


“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 institution as well as funding the newly
aligned institutional changes particularly ministries with specific functions
that are able to generate growth so 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


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