The Federal Executive Council (FEC) is set to submit a ₦26.01 trillion budget for 2024 to the National Assembly, aiming for a swift passage by December 31, 2023.
Key budget assumptions include a crude oil price of $73.96 per barrel, exchange rate at $700, and expected GDP growth of 3.76%.
In addition to budget deliberations, the FEC has approved a $1.5 billion World Bank financing package and an $80 million funding from the African Development Bank. The World Bank loan is essential due to rising global interest rates.
The FEC also discussed road infrastructure projects and approved concessioning for several ongoing and new roads. These moves represent the government’s commitment to enhancing Nigeria’s economic outlook and infrastructure development.