President Bola Tinubu is scheduled to present the 2024 Appropriation Bill to a joint session of the National Assembly on Wednesday, following the approval of the bill by the Federal Executive Council on Monday.
According to The PUNCH, the approved budget stands at N27.5 trillion, marking an increase from the initially considered N26.01 trillion.
The Minister of Budget and Economic Planning, Abubakar Bagudu, confirmed the approval after the FEC’s weekly meeting chaired by President Tinubu at the Aso Rock Villa in Abuja.
Bagudu revealed that the Federal Government anticipates a revenue projection of N18 trillion for the 2024 fiscal year.
Further details regarding the appropriation bill will be unveiled during the President’s presentation to the National Assembly.
Additionally, Bagudu mentioned that the Council is currently reviewing the Medium-Term Expenditure Framework previously passed by the National Assembly.
Bagudu said “Equally, the Federal Executive Council approved the 2024 Appropriation Bill and the presentation of such to the National Assembly by His Excellency, Mr. President.
“The bill has an aggregate expenditure of N27.5tn which is an increase of over N1.5tn from the previously estimated, using the old reference prices.”
He added, “The forecast revenue is now N18.32tn which is higher than the 2023 revenues, including that provided in the two supplementary budgets. Equally and commendably, the deficit is lower than that of 2023. Details of the Renewed Hope Budget will be announced by Mr. President when he makes the presentation to the National Assembly”
The minister also announced some changes made in the MTEF benchmarks by FEC.
“That approved Medium Term Expenditure Framework has the exchange rate of N700 to $1 and equally, the benchmark crude oil price at $73.96 cent. However, in Mr. President’s determination to find more money to fund our priorities, today the Federal Executive Council further revised the Medium Term Expenditure Framework and Fiscal Policy Framework and two of the important decisions were to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96, meaning $4 more than the earlier approval,” he noted.
