During a press briefing at the end of the Federal Executive Council (FEC) meeting, Minister of Planning and Budget, Atiku Bagudu, announced that the Federal Government has projected a total of N26 trillion for the 2024 appropriation budget. The meeting, which was presided over by President Bola Tinubu, took place at the Presidential Villa in Abuja on Monday, October 16.
Bagudu was joined by several colleagues including Mohammed Idris from the Ministry of Information, Wale Edun from the Ministry of Finance and Coordinating Minister of the Economy, Dave Umahi from Works and Housing, Doris Uzoka-Anite from Industry, Trade and Investment, and Simon Lalong from Labour and Employment. The council’s approval of the 2024–2026 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP) was also announced.
Under the Fiscal Responsibility Act, the executive is required to provide the National Assembly with a document outlining the medium-term economic outlook for the economy ahead of the budget presentation. Bagudu explained that the assumptions made by the FEC for the projection included a crude oil price of $73.96 per barrel and an exchange rate of N700 to $1.
Furthermore, Bagudu highlighted the commendable measures taken since June to restore macroeconomic stability, such as the deregulation of petroleum prices and the regulation of the foreign exchange market. The council deliberated on the implications of these measures and the promises made in the renewed hope agenda, including consumer credits, mortgages, reversed or dismissed institutions, and funding for institutional changes that promote growth.
Acknowledging the medium-term expenditure framework, the council members agreed to proceed with consultation and presentation to the National Assembly.