The federal government has revealed its ambitious N26 trillion budget proposal for 2024.
The announcement came after Atiku Bagudu, Minister of Planning and Budget, unveiled the proposal during a Federal Executive Council (FEC) meeting at the presidential villa in Abuja on Monday.
The proposal also coincides with the approval of the 2024-2025 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP) by the FEC.
These documents provide a comprehensive medium-term economic outlook for the country, a requirement under the Fiscal Responsibility Act.
Key elements of the proposal include a reference price for crude oil set at $73.96 per barrel and an exchange rate of N700.
Bagudu explained that the proposal builds on the commendable measures taken since June to restore macroeconomic stability.
Notably, this includes the deregulation of petroleum prices and the removal of subsidies. The government has also made strides in regulating the foreign exchange market.
The proposal is framed within the Renewed Hope Agenda, which encompasses consumer credits, mortgages, institutional changes, and funding for ministries with specific functions designed to spur growth in the country.
The FEC members acknowledged the Medium-Term Expenditure Framework and expressed their readiness to move forward with consultations and the presentation to the National Assembly.
The unveiling of this ambitious budget proposal underlines the government’s commitment to economic reform and stability, offering hope for a brighter financial future for Nigeria in 2024.