The Federal Government of Nigeria is projecting an estimate of N26 trillion for the 2024 appropriation budget. The government intends to submit this budget proposal to the National Assembly before December 31, 2023.
This announcement was made by the Minister of Planning and Budget, Atiku Bagudu, following a Federal Executive Council (FEC) meeting presided over by President Bola Tinubu.
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The FEC approved the 2024–2026 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP). This framework is required under the Fiscal Responsibility Act and provides the medium-term economic outlook for the country. The government’s assumptions for this projection include a crude oil price of $73.96 per barrel and an exchange rate of N700 to $1.
The budget proposal is developed based on the government’s measures aimed at restoring macroeconomic stability and fostering economic growth. These measures include the deregulation of petroleum prices and the regulation of the foreign exchange market. The government also plans to implement initiatives related to consumer credit, mortgages, and institutional changes to support growth in the country.
The next step will involve consultations and presenting the budget proposal to the National Assembly.
