The Federal Executive Council (FEC) has given its nod to the 2024 Appropriation Bill, revealing an aggregate expenditure of N27.5 trillion. The announcement was made by the Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, following a FEC meeting chaired by President Bola Ahmed Tinubu at the Presidential Villa in Abuja.
The approved budget marks an increase of over N1.5 trillion compared to the earlier projection of N26.01 trillion. Minister Bagudu stated that the targeted revenue for the upcoming year is set at N18.32 trillion, which surpasses the revenues of 2023, including those from supplementary budgets. Despite the increased expenditure, the deficit is reported to be lower than that of the previous year.
The Minister highlighted the adjustments made to the Medium-Term Expenditure Framework and Fiscal Policy Framework. The exchange rate was revised to N750 to $1, and the benchmark crude oil reference price increased to $77.96, representing a $4 increment from the initial approval.
President Tinubu is set to present the budget to the National Assembly on Wednesday, unveiling the administration’s priorities and financial allocations for key sectors, including health, education, infrastructure, and security.
In a bid to enhance transparency and public engagement, the Speaker of the House of Representatives, Abbas Tajudeen, announced plans for a Town Hall meeting on the 2024 Appropriation Act. This innovative approach aims to gather inputs from Nigerians before the budget comes into effect, fostering inclusivity and building trust in the legislative process.
Speaker Tajudeen urged all committees to expedite their considerations, aiming for a two-week timeframe to ensure the swift passage of the budget. Emphasizing the importance of collaboration and teamwork, he outlined the need for committees to operate effectively, engage with the public, and contribute meaningfully to the legislative process.
As President Tinubu prepares to present the budget in person, this marks a crucial moment in Nigeria’s fiscal planning, setting the stage for economic priorities and development initiatives in the coming year. The government’s commitment to transparency and public participation is evident in the planned Town Hall meeting, showcasing a proactive approach to inclusive governance.
