President Tinubu to present 2024 budget of N27.5 trillion on Wednesday, November 29
President Bola Tinubu will present the 2024 budget to the National Assembly on Wednesday, November 29.
The Federal Executive Council today, November 27, approved the 2024 budget of N27.5 trillion.
This followed the review of the Medium Term Expenditure Framework previously approved by the National Assembly, which fixed the exchange rate at N700 to 1 dollar and the price of crude oil at 73.96 dollars per barrel.
Briefing State House Correspondents shortly after the Federal Executive Council meeting at the Presidential Villa, the Minister of Budget and Economic Planning, Abubakar Bagudu, said he had revised the MTEF and Fiscal Policy to use an exchange rate of N750 to $1 and also a benchmark oil benchmark oil price of $77.96 per barrel.
According to Bagudu, the FEC also approved an Appropriations Bill for 2024 with an aggregate expenditure of N27.5 billion, an increase of over N1.5 billion over the previous estimate.
He also noted that using the old reference prices, the forecast revenue is now N18.2 billion, which is higher than the 2023 revenue, including that forecast in the two supplementary budgets, where the deficit is lower than that of 2023.
Source: www.lindaikejisblog.com