Draft budget agreed for next financial year at Stormont

Stormont ministers have agreed to send a draft budget for the next financial year out for public consultation.

Ministers were unanimous in green-lighting the public feedback exercise as they met on Thursday to discuss the budget document prepared by Finance minister Caoimhe Archibald.

However, Ulster Unionist Health minister Mike Nesbitt expressed concern that the paper as it stands does not place sufficient emphasis on tackling Northern Ireland's spiralling waiting lists.

The health and education sectors will receive the majority of the funding available, with the departments being allocated £8.4 billion and £3.2 billion respectively.

The budget has been drafted amid a challenging economic backdrop for the devolved administration in Belfast.

While the Executive received more from the UK Government's autumn budget than it had been expecting, ministers are still facing a potential overspend of £180 million in the current financial year.

Failure to balance the overall Stormont budget for 2024/25 would potentially see the Westminster Government withdraw a previous offer to write off almost £600 million of debt owed to the Treasury.

The Treasury offer, made by the last government, to set aside the £559 million was conditional on the Executive delivering a balanced budget this financial year.