President Tinubu To Present 2024 Budget Estimate Of N27.5trillion To NASS - EDU-BIZNEWS


Tuesday, November 28, 2023

President Tinubu To Present 2024 Budget Estimate Of N27.5trillion To NASS

President Bola Ahmed  Tinubu will be presenting the 2024 Appropriation Bill of 
N27.5 trillion approved by the Federal Executive Council to the joint session of the National Assembly this Wednesday for consideration and approval 

The budget estimate followed the review of the Medium-Term Expenditure Framework earlier passed by the National Assembly which benchmarked the exchange rate at N700 to $1 and crude oil price at $73.96 cent per barrel.

The office of the Clerk of the house confirmed the holding of the budget presentation this Wednesday

It will be recalled that the Minister of Budget and Economic Planning, Abubakar Bagudu had told State House Correspondents that the Federal Executive Council  revised the MTEF and the Fiscal Policy to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96 per barrel.

According to Bagudu, the FEC also approved an Appropriation Bill for 2024 with an aggregate expenditure of N27.5 trillion, an increase of over N1.5 trillion from the previously estimated.

He also noted that using the old reference prices, the forecast revenue is now N18.2 trillion which is higher than the 2023 revenue, including that provided in the two supplementary budgets, in which the deficit is lower than that of 2023.

Watch out for the budget presentation to be published in Edu-Biznews 

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