FG proposes N26trn as 2024 budget, assures for supplementary budgets for ongoing projects

The Federal Government has said it is proposing a total of N26 trillion for next year’s 2024 budget.

This was revealed on Monday at the conclusion of the second Federal Executive Council (FEC) meeting at the presidential villa in Abuja by the Minister of Budget and National Planning Atiku Bagudu.

Additionally, Bagudu stated that by December 31st, the national assembly would get the 2024 budget.

The 2024 budget of N26 trillion is a 19.3 per cent increase over the N21.3 trillion budget for this year.

“The aggregate expenditure is estimated at N26.01tn for the 2024 budget, which includes statutory transfers of N1.3tn non-debt recurrent expenditure of N10.26tn. Debt service estimated at N8.25tn as well as N7.78tn being provided for personnel pension cost,” the minister said.

Bagudu also said it would present a supplementary budget given its growing obligations since the removal of petroleum subsidy.

“Yes, there would be a supplementary budget because there are continuing obligations and there are responses to security which can be immediate,” Bagudu affirmed.

“Mr President is mindful of those and is assessing them. But he is also committed to the budget process and its integrity. He wants to ensure that monies that are appropriated will be spent in the period for which they are appropriated.

“And then in terms of presentation of the budget, Mr. President has been engaging with the National Assembly leadership, even ahead of the presentation to say ‘these are our assumptions, these are our thought processes,’ so that it can reduce the lead time for which the budget has to go through such considerations.

“We believe that this budget will be presented in good time, particularly the 2024 budget to be passed and signed before December 31, 2023.