FEC Approves N27.5Trillion Appropriation Bill for 2024
The Federal Executive Council (FEC) yesterday, rose from its weekly meeting with the approval of N27.5 trillion aggregate expenditure for 2024 appropriation bill.
With the approval by FEC, President Bola Tinubu is now set to present the appropriations bill to a joint session of the National Assembly tomorrow. Secretary, Research and Information Department of the National Assembly, Ali Barde, disclosed this to journalists yesterday.
However, the Speaker of the House of Representatives, Hon. Abbas Tajudeen, yesterday disclosed plan by the 10th House to convene a town hall meeting with stakeholders on the 2024 appropriation bill.
The proposed budget is N1.5 trillion higher, than the initial N26 trillion earlier approved by the FEC before the recent passage of the Medium Term Framework (MTEF) and Fiscal Policy document by the National Assembly.
Speaking with newsmen at the end of the FEC meeting presided over by the President at the Council Chambers of the State House, Abuja, the Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, disclosed that the Council also approved a revised Medium Term Economic Framework and Fiscal Policy document which would be represented by the President to the National Assembly alongside the 2024 Appropriation Bill.
Describing the budget as, “a process until it is signed into law,” the Minister said its details would be released when Tinubu presents it to the National Assembly in a matter of days.
According to him, the MTEF and fiscal policy frameworks which had earlier been passed by the National Assembly were also further reviewed.
Bagudu, added that the forecast revenue for 2023 stood at N18.2 trillion, which, he said, was higher than the 2024 revenue including that provided in the two supplementary budgets while the deficit was lower than that of 2023.
