President Bola Tinubu will on Wednesday present the 2024 Appropriation Bill to a joint session of the National Assembly.
The Minister of Budget and Economic Planning, Abubakar Bagudu, disclosed this to State House correspondents after the close of FEC’s weekly meeting presided over by Tinubu at the Aso Rock Villa, Abuja.
Bagudu also revealed that the FEC approved the increment of the 2024 budget from the initial N26.01tn considered by the council to N27.5tn.
Stating that the Federal Government is projecting N18tn revenue for the 2024 fiscal year, the minister said further details of the budget would be released when it’s presented to a joint session of the National Assembly on Wednesday.
According to Bagudu, the Medium Term Expenditure Framework (MTEF) passed by the National Assembly is being reviewed by the Council.
“Equally, the Federal Executive Council approved the 2024 Appropriation Bill and the presentation of such to the National Assembly by His Excellency, President Tinubu.
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.”
Chronicle NG reported that the Federal Executive Council chaired by President Tinubu had last month planned a N26.01tn budget for the 2024 fiscal year.