The Nigerian President, Bola Tinubu, will present the 2024 Appropriation Bill to a joint session of the country’s bicameral legislature, the National Assembly, on Wednesday.
The bill is an increase from the N26.01tn earlier considered by the council, according to the Minister of Budget and Economic Planning, Abubakar Bagudu, who confirmed the approval to State House correspondents after the close of FEC’s weekly meeting presided over by President Tinubu.
In addition, the minister disclosed that the government had projected N18 trillion in revenue for the fiscal year 2024. Bagudu stated that more information regarding the appropriation bill would be made public on Wednesday when the president brought it before a joint session of the National Assembly.
The minister stated that the Council was currently reviewing the Medium-Term Expenditure Framework, which was approved 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”.
With two key policy initiatives—halting the fiscal bleeding caused by petrol subsidies, and unifying the exchange rate—the Nigerian government, led by Bola Tinubu, has attempted to stabilise the economy of the nation. With its currency value declining even further and the cost of living rising sharply, the results have not been favourable.