The Federal Executive Council (FEC) has granted approval for a projected expenditure of N26.01 trillion in the 2024 fiscal year. Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this following the FEC meeting presided over by President Bola Ahmed Tinubu at the Presidential Villa in Abuja.
Bagudu provided a breakdown of the budget, which includes N1.3 trillion for statutory transfers, N10.26 trillion for non-debt recurrent expenses, N8.25 trillion for debt servicing, and N7.78 trillion allocated for personnel pension costs. The increase in debt servicing is due to the securitization of N22.7 trillion in Ways and Means, making it a federal government debt with a 9% interest rate.
The minister also emphasized the commitment to maintain the January–December budget implementation cycle, with President Tinubu expected to present the 2024 appropriation bill to the National Assembly. Bagudu expressed confidence that despite potential delays, the budget would be passed and signed before December 31, 2023, as the President is actively engaging with the National Assembly to streamline the process.
Additionally, Bagudu mentioned the intention to present a supplementary budget to address the government’s growing obligations following the removal of the petroleum subsidy.
