The Federal government 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 2024-2025 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 per barrel as well as an exchange rate of N700.
“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 Assembly.”