The Federal Executive Council (FEC) has approved the 2024 appropriation bill of N27.5 trillion.
Following the approval, President Bola Tinubu will on Wednesday, November 29, present the bill to a joint session of the National Assembly.
The Minister of Budget and Economic Planning, Abubakar Bagudu, disclosed this at the close of FEC’s weekly meeting presided over by the president at the Aso Rock Villa, Abuja on Monday.
According to the minister, the Council also approved a revised Medium Term Economic Framework and Fiscal Policy document which would be presented by the President to the National Assembly alongside the 2024 Appropriation Bill.
“The Federal Executive Council approved the 2024 Appropriation Bill and the presentation of such to the National Assembly by His Excellency, Mr. President.
The bill has an aggregate expenditure of N27.5tn which is an increase of over N1.5tn from the previously estimated, using the old reference prices.
The forecast revenue is now N18.32tn which is higher than the 2023 revenues, including that provided in the two supplementary budgets. Equally and commendably, the deficit is lower than that of 2023.
Details of the Renewed Hope Budget will be announced by Mr. President when he makes the presentation to the National Assembly,” he said.