The Federal Executive Council (FEC) has approved N27.5 trillion as aggregate expenditure for the 2024 Appropriation Bill.
Disclosing this to journalists after the FEC meeting presided over by President Bola Tinubu at the State House, Abuja, the Minister of Budget and Economic Planning, Atiku Bagudu, also said the targeted revenue for next year is N18.32 trillion.
The Minister, who said the proposal was an increase of over N1.5 trillion when compared to the earlier projection of N26.01trillion, added that the deficit was also lower than that of 2023.
According to him, further details of the budget will be released when President Tinubu makes his presentation of the budget to the National Assembly.
He further disclosed that the 2024 – 2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), which had been passed by the National Assembly, was further revised.
“Today, among other issues, the Federal Executive Council considered the 2024 Appropriation Bill. You may recall that the Medium Term Expenditure Framework was earlier approved and transmitted to the National Assembly, which the assembly graciously approved and that approved Medium Term Expenditure has the exchange rate of N700 to $1 and equally, the benchmark crude oil price at $73.96 cent.
“However, in Mr. President’s determination to find more money to fund our priorities, today the Federal Executive Council further revised the Medium Term Expenditure Framework and Fiscal Policy Framework and two of the important decisions were to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96, meaning $4 more than the earlier approval.
“This will significantly increase government revenue that Mr. President intends to use in further supporting the ministries, departments and agencies in the execution of the eight priority areas, particularly Health, Education, infrastructure, security and other developmental areas.
“Equally, the Federal Executive Council approved the 2024 Appropriation Bill and the presentation of such to the National Assembly by His Excellency, Mr. President. The bill has an aggregate expenditure of N27,500,000,000,000, which is an increase of over N1.5 trillion from the previously estimated, using the old reference prices.
“The forecast revenue is now N18.32 trillion, which is higher than the 2023 revenues, including that provided in the two supplementary budgets. Equally and commendably, the deficit is lower than that of 2023. Details of the Renewed Hope Budget will be announced by Mr. President when he makes the presentation to the National Assembly,” he explained.