This is according to the Minister of Budget and Planning Atiku Bagudu who spoke after the Council meeting presided over by President Bola Tinubu.
According to him, FEC pegged the price of crude oil at $73.96, exchange rate of $700, and oil production of 1.78 million barrels per day.
“The assumptions include the oil price benchmark, which I said for 2024, we are assuming $73.96, oil production of 1.7 8 million barrels a day at the exchange rate of $700.
“Then the inflation of 21 percent and GDP growth rate of 3.76 percent. The aggregate expenditure is estimated at N26.01 trillion for the 2024 budget which includes statutory transfers of N1.3 trillion, nondebt recurrent expenditure of N10.26 trillion, debt service estimated at N8.25 trillion as well as N7.78 trillion being provided for personnel and pension cost.
“Debt service increased because N22.7 trillion ways and means was securitised meaning it became a Federal Government debt at nine percent.
“So that is easily about 2.1 trillion Naira. This describes that equally personnel cost went up because of transfers under the agreement with labour.”
During the briefing at the Council Chamber, Presidential Villa, Abuja, Bagudu said the government is working to ensure a January-December budget circle.
He said the executive will put efforts in place to ensure the 2024 budget is passed and signed before December 2024. Bagudu also noted that FEC approved the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP)