The Federal Government has proposed the sum of N26.01trillion for the 2024 appropriation based on an oil price benchmark of $73.96 and 21 per cent interest rate.
Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to correspondents on Monday at the end of the Federal Executive Council (FEC) meeting in the Presidential Villa, Abuja.
Bagudu 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 to get their buy-in.
He explained that the budget was expected to consolidate the various economic reforms initiated by the present administration to improve the standard of living of Nigerians and to attract investors.
According to Bagudu, assumption of the budget is based on the various diplomatic engagements by the President and other government functionaries who are expected to improve inflow and boost exchange rate.
The Minister of Works, Mr Dave Umahi, also disclosed that the Federal Executive Council had approved the use of concrete for road projects across the country, including those of new ones, depending on the level of completion.
“FEC was also informed of the on-going projects and the need to mitigate so much inflation and variation of the projects.
“And to have some of the projects that have attained completion to be redesigned in concrete and, going forward, for new projects to be done in concrete.
“FEC approved that concept that most of the on-going projects should be designed in concrete pavements depending on the level of completion; and if you’re doing Asphalt, there are also conditions for that.
“FEC also approved the coastal road running from Phase 1 which runs from Lagos to Port Harcourt to Calabar.
“Phase 2 runs from S4 tearing off from this stretch to Sokoto and to Ogoja.
“It was approved to be done on Engineering, Procurement and Construction plus Financing.
“Eight roads that were started in the past administration for concessioning, that have gone through all the processes, were also approved and that the financial closure should be reached in November.”
The minister also said that a 24-hour approval would be given to any State interested in taking over road projects in its domain while particular conditions must be met for the agreement to take effect.
He emphasised that projects by the States must conform to the standard of the Federal Ministry of Works as well as meet the tolling system through which they would recoup their investment.
Umahi also disclosed that FEC approved the NNPC and FIRS road projects which they would oversee and fund across the country.