A jumbo-size budget of N26 trillion is being proposed by the Federal Government for 2024, according to the Minister of Planning and Budget, Mr Atiku Bagudu.
The N26 billion budget, the biggest in the annals of budgeting, would be submitted to the National Assembly before December 31, 2023.
The immediate past governor of Kebbi dislosed this in a presentation at the Federal Executive Council (FEC) meeting held on Monday at the Presidential Villa, Abuja.
Bagudu said the council had approved the 2024-2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP).
“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 economy,” he said.
He said FEC projected the reference price for crude oil which is at $73.96 as well as an exchange rate of $700.
“Now, it was presented on the background of the commendable measures that have been taken since June in order to restore macroeconomic stability particularly the deregulation of petroleum prices.
“Subsidies are gone and indeed the regulation of the foreign exchange market,” Bagudu said.
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