Categories: News

FG Proposes ₦‎26 Trillion As 2024 Budget — Contacts NASS

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 2024-2025 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP).

Advertisement

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.

Advertisement

“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.”

Advertisement
citynews

Recent Posts

TINUBU, AKPABIO ALLEGEDLY ON WAR PATH OVER N687BILLION PADDED INTO THE 2024 BUDGET

  Things appear to be falling apart for President Bola Tinubu and Senate President Godswill…

1 hour ago

Trump picks Scott Bessent, the ‘investor favorite,’ for Treasury secretary

President-elect Donald Trump announced Friday evening that investor Scott Bessent will be his nominee for…

4 hours ago

Wike, G5 Governors Out To Destroy PDP – Rep Member Ugochinyere

A member of the House of Representatives from Ideato North and South Federal Constituency of…

4 hours ago

Why Nigerians are in pain, difficulties amid Tinubu’s reforms – Edun

Minister of Finance, Wale Edun, has said that non-implementation of economic reforms by past administrations…

4 hours ago

Naira Depreciates To ₦‎1,750/$ In Parallel Market

The Naira on Friday depreciated to N1,750 per dollar in the parallel market from N1,745…

4 hours ago

Why Seyi Tinubu Can’t Be Lagos Governor- Igbokwe

A member of the All Progressives Congress (APC), Joe Igbokwe, has said Seyi Tinubu, son…

22 hours ago