In a recent announcement, the Federal Government of Nigeria has projected a whopping N26 trillion as the estimated budget for the fiscal year 2024.
The revelation was made by the Minister of Planning and Budget, Atiku Bagudu, during a briefing with State House correspondents.
This significant disclosure occurred at the end of the Federal Executive Council (FEC) meeting, presided over by President Bola Tinubu, at the Presidential Villa in Abuja on Monday, October 16.
Touchaheart Nigeria reports on the key highlights and implications of this momentous development.
2024 Budget Projection
The heart of the matter lies in the substantial budget projection for 2024. The N26 trillion estimate is a reflection of the government’s strategic planning and vision for the nation’s future.
It underlines their commitment to fiscal responsibility, macroeconomic stability, and ensuring the welfare and prosperity of Nigerians.
Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP)
The Federal Executive Council has taken a significant step by approving the 2024–2026 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP).
This move is not only a requirement under the Fiscal Responsibility Act but also a vital component in the budgeting process.
It provides the roadmap for the nation’s economic outlook over the next few years.
Assumptions and Considerations
Key assumptions behind this budget projection include the use of a crude oil price of $73.96 per barrel and an exchange rate of N700 to $1.
These assumptions reflect the global economic landscape and their potential impact on Nigeria’s economy.
Furthermore, Minister Bagudu highlighted the commendable measures taken by the government to restore macroeconomic stability.
This includes the deregulation of petroleum prices and the regulation of the foreign exchange market.
The removal of subsidies and the alignment of institutions are integral aspects of the government’s renewed hope agenda.
Consultation and Presentation
The approval of the medium-term expenditure framework sets the stage for further consultations and presentation to the National Assembly.
This ensures that the government’s vision for the 2024 budget aligns with the expectations and needs of the nation.
What You Should Know
The Federal Government’s projection of N26 trillion for the 2024 budget represents a significant milestone in Nigeria’s fiscal planning.
It demonstrates their commitment to economic stability and the welfare of the Nigerian people.
The approval of the medium-term expenditure framework is a crucial step in bringing this vision to reality.
As the process unfolds, it will be fascinating to see how the 2024 budget will shape the future of the nation.
