The Minister of Planning and Budget, Atiku Bagudu, announced that the Federal Government anticipates a budget estimate of N26 trillion for the year 2024.

This disclosure took place following the Federal Executive Council (FEC) meeting, which was chaired by President Bola Tinubu at the Presidential Villa in Abuja on Monday, October 16.

During the briefing, Minister Bagudu was joined by several of his ministerial colleagues, including Mohammed Idris (Ministry of Information), Wale Edun (Minister of Finance and Coordinating Minister of the Economy), Dave Umahi (Works and Housing), Doris Uzoka-Anite (Industry, Trade, and Investment), and Simon Lalong (Labour and Employment).

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Minister Bagudu further revealed that the FEC had given its approval for the 2024–2026 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP).

Bagudu emphasized that the Fiscal Responsibility Act mandates the executive to provide the National Assembly with a medium-term economic outlook document in advance of presenting a budget.

For the 2024 budget, the FEC operated on the assumptions of $73.96 per barrel of crude oil and an exchange rate of N700 to $1.

He elaborated on the commendable measures implemented since June to restore macroeconomic stability, such as the deregulation of petroleum prices and the regulation of the foreign exchange market.

The minister also highlighted the implications and commitments made in the renewed hope agenda, including the removal of subsidies, consumer credit schemes, and more.

The council acknowledged the medium-term expenditure framework, and it was agreed that the next step would involve consultation and presenting the plan to the National Assembly.