Tinubu-Led FEC Greenlights N27.5 Trillion 2024 Budget with Significant Increase
The Federal Executive Council (FEC) has granted approval for the 2024 appropriation bill, endorsing a revised budget of N27.50 trillion, reflecting a substantial increase of N1.5 trillion from the initial estimate.
The government’s original proposal of N26.2 trillion underwent scrutiny, prompting a reassessment of the Medium Term Expenditure Framework (MTEF) approved by the National Assembly.
Minister of Budget and National Planning, Atiku Bagudu, disclosed this development following the conclusion of the FEC meeting presided over by President Bola Tinubu in Abuja.
Bagudu clarified that the adjusted proposal was valid and contingent on the final process, allowing for potential modifications based on various factors, including emerging priorities and presentations from Ministries, Departments, and Agencies (MDAs).
While the initial MTEF adopted an exchange rate of N700 per dollar and an oil price benchmark of $73.96, the revised version utilized an exchange rate of N750 to a dollar and an oil price benchmark of $77.96.
This adjustment aims to further fund eight priority areas outlined by the administration.
President Tinubu is expected to provide a more detailed breakdown of the budget during its presentation to the National Assembly. The exact presentation date will be determined by the National Assembly.
According to Bagudu, the 2024 forecasted revenue surpasses the 2023 budget and supplementary budget provisions by an impressive N18.32 trillion.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, also revealed that the Federal Government has secured a one-billion-dollar fund from the African Development Bank for budget support.
This financial infusion is earmarked for the effective implementation of government reform policies, ensuring transparency and accountability in tax reforms.
Edun emphasized that the funds would not be allocated for specific project funding but rather for overarching initiatives, including power and optimizing tax revenue utilization.
Source: Daily Nigerian
