President Tinubu to Present N27.5 Trillion 2024 Budget to National Assembly

President Bola Tinubu is scheduled to present the 2024 budget to the National Assembly on Wednesday, November 29. The budget, which has been approved by the Federal Executive Council (FEC), amounts to N27.5 trillion, Aso Naija Reports.

Earlier today, on November 27, the FEC reviewed the Medium-Term Expenditure Framework (MTEF) that had been previously passed by the National Assembly. The MTEF set the exchange rate at N700 to $1 and the crude oil price at $73.96 per barrel. However, during the meeting at the Presidential Villa, the Minister of Budget and Economic Planning, Abubakar Bagudu, announced that the MTEF and Fiscal Policy have been revised. The new exchange rate is set at N750 to $1, and the benchmark crude oil reference price is now $77.96 per barrel.

In addition to the revisions, the FEC approved an Appropriation Bill for 2024, which reflects an aggregate expenditure of N27.5 trillion. This represents an increase of over N1.5 trillion from the previous estimate.

Bagudu further explained that, based on the revised reference prices, the projected revenue for 2024 is now N18.2 trillion, surpassing the revenue for 2023, including the provisions made in the two supplementary budgets. Additionally, the budget deficit for 2024 is lower than that of 2023.

Overall, these developments indicate the government’s commitment to fiscal planning and economic management as it prepares to present the budget for the upcoming year.