The Federal Executive Council (FEC) has given approval to the 2024 Appropriation Bill with a total expenditure of N27.5 trillion. The Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, announced the approval after the FEC meeting presided over by President Bola Ahmed Tinubu. This marks an increase of over N1.5 trillion from the earlier projection of N26.01 trillion. The targeted revenue for 2024 is set at N18.32 trillion, with a lower deficit compared to 2023.
In a move to enhance revenue, the FEC revised the Medium-Term Expenditure Framework and Fiscal Policy Framework. The exchange rate was adjusted to N750 to $1, and the crude oil benchmark price raised to $77.96. The revisions aim to support key sectors like health, education, infrastructure, and security.
President Tinubu is scheduled to present the 2024 budget estimates to the National Assembly on Wednesday. This presentation will be the first made in person by President Tinubu. Additionally, the House of Representatives plans to convene a Town Hall meeting on the 2024 Appropriation Act to gather inputs from Nigerians before its implementation. The move reflects a commitment to transparency, inclusivity, and citizen engagement in the budgetary process, fostering trust and support for legislative activities.
In the same vein, the Speaker of the House of Representatives, Abbas Tajudeen, announced plans to hold a Town Hall meeting on the 2024 Appropriation Act, inviting citizens to provide inputs. This initiative aligns with the House’s commitment to inclusivity and engagement with the public in the budgetary process.
