Tinubu Set to Unveil N27.5 Trillion 2024 Budget on Wednesday, November 29th

 

On Wednesday, November 29, President Bola Tinubu is set to present the 2024 budget to the National Assembly. The Federal Executive Council granted approval for the budget, which now stands at N27.5 trillion. 

This approval comes after the National Assembly previously passed the Medium-Term Expenditure Framework, setting the exchange rate at N700 to $1 and the crude oil price at $73.96 per barrel.

Following a review during the Federal Executive Council meeting at the Presidential Villa, the Minister of Budget and Economic Planning, Abubakar Bagudu, disclosed that adjustments were made to the MTEF and Fiscal Policy. 

The new parameters include an exchange rate of N750 to $1 and a benchmark crude oil reference price of $77.96 per barrel.

Bagudu further announced the approval of the Appropriation Bill for 2024, reflecting a total expenditure of N27.5 trillion. This marks an increase of over N1.5 trillion from the initial estimate. 

Notably, the forecast revenue, based on the revised reference prices, is now projected at N18.2 trillion. This figure surpasses the 2023 revenue, inclusive of the two supplementary budgets, with a lower deficit compared to that of 2023.