FEC Approves N27.5tr Budget For 2024

By Abdullah Bello

The Federal Executive Council, FEC, has approved the presentation of 27.5 trillion Naira as next year’s budget to the National Assembly for consideration.

The Minister of Budget and National Planning, Alhaji Abubakar Bagudu, said FEC had equally approved a review of the Medium Term Expenditure Framework, MTEF, and the Fiscal Strategy Paper, FSP, earlier passed by the National Assembly.

The major revisions in the MTEF and FSP are the exchange rate of 700 Naira to the dollar, earlier passed by the National Assembly, which has now been reviewed to 750 Naira to the dollar, and the bench mark for crude oil price previously pegged at about 74 dollars, revised to 77 dollars.

Briefing newsmen on the changes, the Minister of Budget and National Planning, Alhaji Abubakar Bagudu, argued that the alterations would significantly rake in revenue to facilitate the execution of projects.

“Equally, the Federal Executive Council approved the 2024 Appropriation Bill and the presentation of such to the National Assembly by President Bola Tinubu. The Bill has an aggregate expenditure of 27 trillion 500 billion Naira, which is an increase of over 1.5 trillion, from the previous one, using the old reference price.

“The forecast revenue is now 18.32 trillion, which is higher than the 2023 revenues, including that which was provided in the 2 Supplementary Budgets. Equally and commendably, the deficit is lower than that of 2023”, he explained.

FEC has also given approval for the collection of a 100-million dollar concessionary loan from the African Development Bank and a 15-million dollar loan from the Canada-African Development Bank Climate Fund for Abia State, as explained by the Minister of Finance, Mr. Wale Edun.

“Essentially, it is concessional borrowing, around 4,4.2 per annum by Abia State through the Federal Government for waste management and rehabilitation of roads in Umuahia and Aba in particular”, the Minister said.

He said FEC had equally approved another 1 billion-dollar concessionary financing from the African Development Bank to stabilise macro-economic measures of the government and improve the foreign exchange situation.

Edited By Grace Namiji