Nigeria’s Government Presents N26.01tn Budget Plan for 2024 Fiscal Year


The Federal Executive Council (FEC) has given its approval for the utilization of concrete in road construction projects nationwide, including new projects, based on their respective progress levels.
During a press briefing at the State House in Abuja, Minister of Budget and Economic Planning, Atiku Bagudu, revealed that the federal government has proposed a budget of N26.01 trillion for the year 2024. This budget is formulated using an oil price benchmark of $73.96 and an interest rate of 21 percent. Bagudu further stated that President Bola Tinubu is already engaging with the legislative arm to ensure the budget’s prompt presentation to the National Assembly before year-end.
Bagudu highlighted that the budget’s assumptions were shaped by diplomatic engagements conducted by the president and other government officials, in the hopes of improving inflows and strengthening the exchange rate.
Furthermore, Minister of Works, Dave Umahi, shared that the FEC has agreed to the use of concrete in road projects across the country, including ongoing ones, based on their progress levels. He explained, “FEC approved the concept of redesigning completed projects with concrete pavements as a means to address issues of inflation and project variation. Going forward, new projects will also be executed using concrete, while specific conditions will be applied if asphalt is used.”
In addition to this, FEC has granted approval for the construction of the coastal road connecting Lagos to Port Harcourt and Calabar, which will be implemented through the Engineering, Procurement, Construction, and Financing model. Furthermore, eight roads that were previously started under the previous administration for concessioning have received FEC’s approval, with a directive to achieve financial closure by November.
Umahi also stated that any state interested in taking over road projects within their domain will receive a 24-hour approval process, provided they meet the requirements set by the Federal Ministry of Works and implement a tolling system for cost recovery.
Lastly, FEC has approved road projects overseen and financed by the NNPC and FIRS across the country.
Source: NAN