FEC approves N27trn as 2024 budget — to be presented at n’assembly this week

The federal executive council (FEC) has approved the N27 trillion proposed for the 2024 budget.

The FEC gave the approval on Monday at the weekly executive meeting presided over by President Bola Tinubu. The president will present the budget to the national assembly in a few days’ time.

On October 16, Atiku Bagudu, minister of planning and budget, announced that the federal government proposed N26 trillion for the 2024 budget.

He told State House correspondents that the budget proposal would be submitted to the national assembly before December 31.

Speaking on Monday, the minister said details of the budget would be released when President Bola Tinubu presents the proposal to the national assembly next week.

He said the 2024-2025 medium-term expenditure framework (MTEF) which has been passed by the national assembly was further reviewed.

Bagudu said the targeted revenue for next year is 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,” he said.

“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.”

Akin Rotimi, spokesperson of the house of representatives, said the budget will be presented to the national assembly this week.

“In response to a number of enquiries, I can confirm that the 2024 Appropriation Bill is expected to be presented to the National Assembly by the Federal Government this week,” Rotimi said in a statement.

NIGERIA’S HIGHEST EVER FEDERAL BUDGET

Between 2016 and 2022, Nigeria’s annual budget has gone up from N6.06 trillion to N17.12 trillion.

But in 2023, former President Muhammadu Buhari signed N21.83 trillion into law as the year’s budget.

While the national assembly has said it would convene a town hall meeting to allow Nigerians to make inputs into the proposed budget, the N27 trillion appropriation, which is the first by the Tinubu administration, is the biggest since Nigeria returned to civilian rule in 1999.