FG plans N26.01 2024 Budget, 61.6 per cent on debt servicing, personnel

The Federal Government is planning to spend N26.01 trillion in 2024.

This is based on oil price benchmark of $73.96 and 21 per cent interest rate.

Minister of Budget and Economic Planning, Atiku Bagudu, stated this to the State House Correspondents at the end of the Federal Executive Council meeting on Monday in Abuja.

He said that the budget would be presented to the National Assembly before the end of the year since President Bola Tinubu was already engaging with the legislative arm towards getting their buy-in.

Bagudu said, “The assumption of the budget is based on the various diplomatic engagements by the president and other government functionaries that are expected to improve inflow and boost exchange rate.”

Meanwhile, The PUNCH reports that the Federal Government plans to spend 61.63 per cent of the budget ob personnel and debt service costs, The PUNCH has learnt.

The personnel and pension costs of N7.78tn and the debt service cost of N8.25tn make up N16.03tn out of the N26.01tn 2024 budget.

The PUNCH also observed that the government would spend more on debt servicing than it would spend on paying the salaries and pensions of its workers.