The Federal Executive Council (FEC) on Monday approved a Medium Term Fiscal Expenditure Framework (MTEF) and fiscal strategy Paper (FSP) with a budget estimate of N26 trillion for the 2024 Diana coal year.
Minister of budget and national planning, Atiku Bagudu told reporters at a press conference in the Presidential Villa after the FEC meeting that the budget proposal will be submitted to the national assembly before December 31st, 2023.
Bagudu said the MTEF is the approved period of 2024-2026 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP).
He explained that 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.
“There is a projection of inflation at 21% and GDP growth rate of 3.76%. The aggregate expenditure is estimated at N26.0 1 trillion for for the 2024 budget, which includes statutory transfers of 1.3 trillion.
“Non debt recurrent expenditure of N10.2 6 trillion, debt service is estimated at N8.25 trillion as well as 7.78 being provided for personnel and pension cost, debt service increased because 22 point N7 trillion with a means was securitized meaning it became a federal government debt at 9%. So that is easily about N2.1. trillion,” Minister Bagudu gave as the details.