FG Considers Budget Size of N26trn for 2024

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By Aduragbemi Omiyale

The federal government is proposing to spend about N26 trillion for the 2024 fiscal year, the Minister of Budget and Economic Planning, Mr Atiku Bagudu, has disclosed.

The immediate past Governor of Kebbi State made this disclosure at the end of the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu on Monday.

He further revealed that the proposed 2024 appropriation bill would be presented to the National Assembly with the Fiscal Responsibility Bill before the end of December 2023 for both to be passed and signed into law.

Addressing journalists at the end of the meeting at the Presidential Villa in Abuja, Mr Bagudu stated that the council approved the 2024-2025 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP) at the gathering yesterday.

“The council members acknowledged the medium-term expenditure framework, and it was agreed that we could go ahead to the next step of consultation and presentation to the National Assembly,” the Minister informed State House correspondents.

The 2024 budget would be the first budget to be submitted to the parliament by the administration of Mr Tinubu.

The current appropriation act was presented and signed into law by the immediate past President of Nigeria, Mr Muhammadu Buhari.

The budget, N21.83 trillion in value, was signed on January 3, 2023, and it did not make provisions for the payment of petrol subsidy from July 1.

However, when Mr Tinubu took over office on May 29, 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS), commonly known as petrol, causing the pump price to rise. It is currently being sold above N600 per litre in most parts of the country.

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