Nigerian govt proposes N26.01tr for 2024 budget

The Federal Government has proposed the sum of N26.01 trillion for the 2024 budget.

The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House Correspondents at the end of the Federal Executive Council (FEC) meeting on Monday in Abuja.

He said the 2024 budget proposal was based on an oil price benchmark of $73.96 and a 21 percent interest rate.

He said that the budget would be presented to the National Assembly before the end of the year since President Bola Tinubu was already engaging with the National Assembly on the matter.

The former Kebbi State governor said the budget was expected to consolidate on the various economic reforms initiated by the present administration aimed at improving the standard of living of Nigerians and attracting investors.

On his part, the Minister of Works, Dave Umahi, said the council approved the use of concrete for road projects across the country.

He said: ‘’FEC was also informed on the ongoing projects and to mitigate so much inflation and variation of the projects, to have some of the projects that have attended completion to be redesigned on concrete and going forward for new projects to be done on concrete.

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‘’FEC approved that concept that most of the ongoing projects should be designed on concrete pavements depending on the level of completion and if you’re doing Asphalt there are also conditions for that.

‘’FEC also approved the coastal road running from Phase 1 which runs from Lagos to Port Harcourt to Calabar. Phase 2 runs from S4 tearing off from this stretch to Sokoto and to Ogoja.

“It was approved to be done on Engineering, Procurement and Construction plus Financing.

‘’Eight roads that were started in the last administration for concessions and have gone through all the processes were also approved. The financial closure should be reached in November.’’

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