2024 Budget: Tinubu writes Senate

President Bola Tinubu has written to the Senate to indicate his intention to present the 2024 Appropriation Bill to a joint session of the National Assembly tomorrow, Wednesday, November 29, by 11 am.

Tinubu’s letter of intent was read at plenary by Senate President Godswill Akpabio at plenary on Tuesday, November 28.

The Federal Executive Council has approved N27.5 trillion aggregate expenditure for the 2024 Appropriation Bill.

The Minister of Budget and National Planning, Alhaji Atiku Bagudu had after the FEC meeting presided over by President Bola Tinubu at the State House, Abuja, on Monday, informed journalists that the Federal Executive Council approved the budget. He had said the targeted revenue for 2024 was N18 trillion.

He said the details of the budget would be released when President Tinubu makes his presentation of the budget to the National Assembly.
Bagudu revealed that the Medium Term Expenditure Framework (MTEF), which had been passed by the National Assembly, was further reviewed.

“The federal executive council considered the 2024 Appropriation bill. The MTEF was earlier approved by the National Assembly. It has an exchange rate of N700 to a dollar and a crude oil benchmark of $73.
“To improve revenue, the council further reviewed the MTEF, with an exchange rate of N750 to a dollar, and a crude oil benchmark of $77. This will significantly improve revenue,” he said.

 

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