President Bola Tinubu is set to unveil the 2024 Appropriation Bill before a joint session of the National Assembly this Wednesday.
The development follows the Federal Executive Council's approval of the 2024 Appropriation Bill on Monday, which now stands at N27.5 trillion, marking an increase from the initial N26.01 trillion under consideration.
Minister of Budget and Economic Planning, Abubakar Bagudu, shared this information with State House correspondents after the conclusion of the weekly FEC meeting, presided over 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. He assured that further details of the appropriation bill would be disclosed during the President's presentation to the National Assembly.
The minister also highlighted ongoing reviews of the Medium-Term Expenditure Framework by the Council. He stated, "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 revised bill reflects an aggregate expenditure of N27.5 trillion, a significant increase from the previous estimate, incorporating the old reference prices.
Bagudu went on to share specifics, saying, "The forecast revenue is now N18.32 trillion, which is higher than the 2023 revenues, including that provided in the two supplementary budgets." He emphasized that the deficit is lower than that of 2023, and further details of the "Renewed Hope Budget" would be unveiled by President Tinubu during the presentation to the National Assembly.
In addition to these updates, the minister announced adjustments to the MTEF benchmarks by FEC. "Today, the Federal Executive Council further revised the Medium-Term Expenditure and Fiscal Policy Framework," he said. Notably, the exchange rate was revised from N750 to $1, and the benchmark crude oil reference price increased to $77.96, representing a $4 increment from the previous approval.
Bagudu stressed that these changes significantly boost government revenue to support key priority areas, including health, education, infrastructure, security, and other developmental initiatives.
