President Bola Tinubu is scheduled to present the 2024 budget to the National Assembly on Wednesday. The confirmation comes through a memo from the federal legislature, signed by Shuaibu Maina Birma, the Secretary of Human Resources and Staff Development, on behalf of the Clerk to the National Assembly.
The memo, dated November 27, 2023, outlines the presentation at the Joint Session of the Senate and the House of Representatives.
Meanwhile, the Federal Executive Council (FEC) has greenlit a revised budget of N27.5 trillion. Following the review of the Medium-Term Expenditure Framework passed by the National Assembly, adjustments were made to the exchange rate and crude oil price.
Minister of Budget and Economic Planning, Abubakar Bagudu, shared these changes, citing an exchange rate of N750 to $1 and a benchmark crude oil reference price of $77.96 per barrel.
Bagudu further announced FEC’s approval of an Appropriation Bill for 2024, reflecting an aggregate expenditure increase to N27.5 trillion.
This marks a significant uptick of over N1.5 trillion from the initial estimate.
Notably, the forecast revenue, using the revised parameters, stands at N18.2 trillion.
This figure surpasses the 2023 revenue, even accounting for the two supplementary budgets, with a deficit lower than that of the previous year.
