JUST IN: FG projects N26tn expenditure in 2024 budget

The Federal Government has said it is projecting 26.01 trillion naira as expenses for the 2024 fiscal year.This is as it approved the Medium-Term Expenditure Framework for 2024 to 2026.The FG affirmed that the administration would maintain the January to December budget implementation cycle as President Bola Tinubu would soon present the 2024 appropriation bill to the National Assembly to ensure its ratification before December 31, 2023.The Minister of Budget and National Planning, Abubakar Bagudu, told State House Correspondents after the Federal Executive Council meeting at the Presidential Villa, Abuja on Monday.According to him, the aggregate expenditure is estimated at 26.01 trillion naira, for the 2024 budget, which includes statutory transfers of 1.3 trillion naira non-debt recurrent expenditure of 10.26 trillion naira, debt service estimated at 8.25 trillion naira as well as 7.78 trillion naira, being provided for personnel pension cost.Bagudu, who clarified the increased debt service said it is because 22.7 trillion naira Ways and Means was securitized, meaning it became a federal government debt at nine percent.