The Federal Executive Council (FEC) has approved the sum of N26.01trillion for the 2024 Budget.
Minister of Budget and National planning, Atiku Bagudu, disclosed this yesterday, while briefing State House newsmen after the Council meeting, presided over by President Bola Ahmed Tinubu.
He disclosed that FEC also approved the 2024/2026 Medium-Term Expenditure and Fiscal Framework, (MTEF), and Fiscal Strategy Paper (FSP). The 2024 to 2026 MTEF was approved with the assumption that investment will continue to flow with stronger naira.
Bagudu 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 country’s economy.
According to the Minister, the FEC made assumptions on the reference price for crude oil at $73.96, as well as an exchange rate of $700. He said the Budget proposal will be submitted to the National Assembly before December 31st.
