The medium-term expenditure framework for 2024–2026 was approved by the Nigerian Senate on Wednesday, November 22, 2023, outlining the government’s budgetary strategy for the ensuing three years.
The framework was approved by lawmakers on Tuesday in the lower house of parliament, the House of Representatives.
The framework, a crucial document in Nigeria’s budgetary process, makes sure that government expenditures are in line with its social and economic objectives. The government’s spending priorities and funding sources are outlined in this three-year rolling plan.
The two houses of Nigerian parliament have passed the framework, which allows President Bola Tinubu to send the 26 trillion naira ($34 billion) proposed national budget for 2024 to parliament for approval.
The document, approved by lawmakers after being approved by Tinubu’s cabinet, projects that the value of the naira will be approximately 700 per dollar in 2021, with a slight strengthening in 2025 and 2026.
Ref: Reuters
