In preparation for President Bola Ahmed Tinubu’s presentation of the 2024 budget tomorrow, the Federal Executive Council (FEC) has given approval for a sum of N27.5 trillion for the 2024 Appropriation Bill.
Atiku Bagudu, the Minister of Budget and National Planning, revealed this after a meeting presided over by the president at the presidential villa.
Bagudu explained that the bill outlines a total expenditure of N27.5 trillion, a notable increase of over N1.5 trillion compared to earlier estimates using previous reference prices.
The budget adjustments include a shift in the exchange rate from N700 to $1 to a new rate of N750 to $1. Additionally, the benchmark crude oil price has been raised to $77.96, a $4 increase from the initial approval at $73.96.
These changes aim to enhance government revenue and support crucial sectors such as health, education, infrastructure, security, and other developmental areas.
Bagudu emphasized that the forecast revenue of N18.32 trillion surpasses 2023 revenues, reflecting a strategic approach to financial management.
The Speaker of the House of Representatives, Hon. Abbas Tajudeen, indicated that President Tinubu will present the budget in a few days.
” The budget presentation is expected to take place on Wednesday, as suggested by a notice from the National Assembly management. ”
Accreditation for select television stations and security measures indicate the significance of the event.
Speaker Abbas announced plans for a Budget Town Hall Meeting to allow citizens to contribute to the 2024 Appropriation.
He urged committees to finalize budget considerations within two weeks while maintaining a thorough and thoughtful process. The emphasis was on ensuring a strong and accountable House for the benefit of all Nigerians.
Deputy Speaker Hon. Benjamin Kalu highlighted the crucial role of committees in legislative oversight, scrutinizing government policies, and ensuring accountability.
Chief of Staff to the President, Hon. Femi Gbajabiamila, affirmed that the federal government budget would be presented to the National Assembly in a matter of days, stressing the importance of committees in the legislative process.
the focus remains on effective financial management, citizen participation, and the role of committees in ensuring transparency and accountability in governance.
He said “The challenges faced by committees, including limited resources, were acknowledged, emphasizing the need for a collaborative effort to advance the nation’s interests.”
