President Bola Tinubu will present the 2024 budget of N27.5 trillion to a joint session of the National Assembly on Wednesday.
A budget of N26.1 trillion was proposed for 2024, but may have been increased to N27.5 trillion by the Federal Executive Council (FEC) meeting presided by President Bola Tinubu at the Presidential Villa, Abuja, on Monday.
Secretary of Research and Information at the National Assembly, Dr Ali Barde Umoru, confirmed the development on Monday.
Tinubu had previously presented the 2024–2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to both chambers of the National Assembly, in which he suggested a total expenditure profile for the 2024 fiscal year of N26.1 trillion.
The budget framework was adopted by the House of Representations and Senate through its committee on Finance following weeks of interactive meetings with the heads of Ministries, Departments, and Agencies regarding their revenue and expenditure projections.
The Minister of Budget and National Planning, Atiku Bagudu, said the president will disclose additional budget specifics during his presentation to the National Assembly.
The MTEF, which had already been approved by the National Assembly, was reviewed, he added.
Bagudu said the revised MTEF parameters had raised the revenue target for the 2024 fiscal year to N18 trillion.
“The federal executive council considered the 2024 Appropriation bill. The MTEF was earlier approved by the National Assembly. It has an exchange rate of N700 to a dollar and a crude oil benchmark of $73.
“To improve revenue, the council further reviewed the MTEF, with an exchange rate of N750 to a dollar, and a crude oil benchmark of $77. This will significantly improve revenue,” the minister added.
