The Federal Executive Council (FEC) has proposed 26.01 trillion naira for the 2024 fiscal year for submission to the National Assembly.

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 dollars, exchange rate of 700 dollars, and oil production of 1.78 million barrels per day.

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).