President Bola Tinubu will on Wednesday present the 2024 Appropriation Bill of N27.5tn. to the joint session of the National Assembly.
The Minister of Budget and Economic Planning, Abubakar Bagudu disclosed this after the Federal Executive Council (FEC) on Monday.
The new figure is an increase from the initial proposed N26.01tn by the government.
The minister announced that the Federal Government projects N18tn revenue for the 2024 fiscal year.
In addition to the reviewed budget, Bagudu disclosed that the Medium Term Expenditure Framework earlier passed by the National Assembly was also being reviewed by the Council.
He 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.”
“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”
On the MTEF, Bagudu said, “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.”