2024 Appropiation Bill: FG Proposes N26TRN, Wants Submission Before December 31st
Host: Blessings Mosugu
Guest: Muktar Mohammed, CEO, Finance With Muktar, Lagos, Nigeria
The Federal Government of Nigeria has introduced a budget proposal of ₦26 trillion for the fiscal year 2024, which is set to be presented to the National Assembly prior to December 31. This development occurs amidst a significant upsurge in inflation in Nigeria, attributed to the removal of fuel subsidies.
At the conclusion of a Federal Executive Council (FEC) meeting held at the Presidential Villa in Abuja, the Minister of Planning and Budget, Atiku Bagudu, revealed the proposed ₦26 trillion budget. He emphasized that, in accordance with the Fiscal Responsibility Act, the executive is obligated to furnish the National Assembly with a document outlining the medium-term economic outlook for the nation before the formal budget presentation.
It's worth noting that Nigeria's inflation rate has surged to 26.72%, marking a 0.92% increase from the previous month's figure of 25.80%. This inflationary pressure poses significant challenges for the country's economy.
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