President Bola Tinubu is set to present the 2024 budget to the National Assembly on Wednesday, as conveyed in a memo dated November 27, 2023.
The memo, signed by Shuaibu Maina Birma, the Secretary of Human Resources and Staff Development, on behalf of the Clerk to the National Assembly, outlined that the presentation would take place during a Joint Session of the Senate and the House of Representatives on November 29, 2023.
Meanwhile, the Federal Executive Council has approved a 2024 budget of N27.5 trillion.
This approval comes subsequent to the examination of the Medium-Term Expenditure Framework (MTEF) previously endorsed by the National Assembly, which set the exchange rate at N700 to $1 and the crude oil price at $73.96 per barrel.
The Minister of Budget and Economic Planning, Abubakar Bagudu, announced the revision of the MTEF and Fiscal Policy to utilize an exchange rate of N750 to $1 and a benchmark crude oil reference price of $77.96 per barrel.
Bagudu revealed that the FEC also sanctioned an Appropriation Bill for 2024, reflecting a total expenditure of N27.5 trillion.
This represents an increase of over N1.5 trillion from the earlier estimation.
He highlighted that with the previous reference prices, the projected revenue now stands at N18.2 trillion, surpassing the 2023 revenue, inclusive of that outlined in the two supplementary budgets, while maintaining a deficit lower than that of 2023.
