The Federal Executive Council (FEC) has proposed a budget of N26.01 trillion for the 2024 fiscal year, with the aim of presenting it to the National Assembly. Minister of Budget and Planning, Atiku Bagudu, revealed this following a Council meeting presided over by President Bola Tinubu.
The proposed budget's key assumptions include a crude oil price benchmark of $73.96, an exchange rate of $700, and a daily oil production rate of 1.78 million barrels. Additionally, the budget factors in an inflation rate of 21 percent and a GDP growth rate of 3.76 percent.
The estimated total expenditure for the 2024 budget is N26.01 trillion, which includes N1.3 trillion for statutory transfers, N10.26 trillion for non-debt recurrent expenditure, N8.25 trillion for debt servicing, and N7.78 trillion allocated for personnel and pension costs. The increase in debt servicing is attributed to the securitization of N22.7 trillion ways and means, effectively making it a Federal Government debt at nine percent.
The government aims to ensure a January-December budget cycle, with efforts to have the 2024 budget passed and signed before December 2024. Additionally, FEC has approved the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP
