On Wednesday, President Bola Tinubu will deliver the 2024 Appropriation Bill to a joint session of the National Assembly.
This happened as the Federal Executive Council adopted the N27.5 trillion Appropriation Bill for 2024 on Monday.
This is an increase over the N26.01tn previously evaluated by the council.
Abubakar Bagudu, Minister of Budget and Economic Planning, made the announcement to State House media following the conclusion of the FEC’s weekly meeting presided over by Tinubu at the Aso Rock Villa in Abuja.
While revealing that the Federal Government expects N18 trillion in income for the fiscal year 2024, Bagudu stated that more information of the appropriation bill would be published when the President delivers it to a joint session of the National Assembly on Wednesday.
The Council, according to the minister, is reviewing the National Assembly’s Medium-Term Expenditure Framework.
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.
The minister said the changes
“will significantly increase government revenue that the President intends to use in supporting the ministries, departments and agencies in the execution of the eight priority areas, particularly Health, Education, infrastructure, security and other developmental areas.”