The Federal Executive Council (FEC) has given the nod to the 2024 appropriation bill, amounting to N27.5 trillion. Following this approval, President Bola Tinubu is slated to present the bill to a joint session of the National Assembly on Wednesday, November 29.
The announcement came after the weekly FEC meeting, presided over by President Buhari at the Aso Rock Villa in Abuja on Monday. Abubakar Bagudu, the Minister of Budget and Economic Planning, shared the disclosure, adding that the Council also sanctioned a revised Medium-Term Economic Framework and Fiscal Policy document. This document will be presented alongside the 2024 Appropriation Bill.
Bagudu elaborated, “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 N27.5 trillion, an increase of over N1.5 trillion from the previously estimated, using the old reference prices.”
He continued, “The forecast revenue is now N18.32 trillion, 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.”
