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Tinubu to present 2024 budget to National Assembly on Wednesday

According to Bagudu, the targeted revenue for 2024 is ₦18 trillion.

President Bola Tinubu [Presidency]

Dr. Ali Barde Umoru, the Secretary of Research and Information at the National Assembly made this known on Monday, November 27, 2023.

Umor stated this while confirming the budget presentation to journalists at the National Assembly.

Recall that three weeks ago, President Tinubu forwarded the 20224–2026 Medium Term Expenditure Framework and Fiscal Strategy Paper to the National Assembly.

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Meanwhile, the Federal Executive Council has approved the 2024 Appropriation Bill with aggregate expenditure of ₦27.5 trillion.

Atiku Bagudu, the Minister of Budget and Economic Planning announced this on Monday, following the federal cabinet meeting presided over by the President.

According to Bagudu, the targeted revenue for next year is ₦18 trillion.

The minister added that the budget would be released after President Tinubu presented it to the National Assembly.

Bagudu explained that the FEC also approved the revised 2024–2026 Medium-Term Expenditure Framework (MTEF)/ Fiscal Strategy Paper (FSP) which according to him would be submitted along with the 2024 budget on Wednesday.

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He said, “The federal executive council considered the 2024 Appropriation bill. The MTEF was earlier approved by the National Assembly. It has an exchange rate of ₦700 to a dollar and a crude oil benchmark of $73.96 cents.

“To improve revenue, the council further reviewed the MTEF, with an exchange rate of ₦750 to a dollar, and a crude oil benchmark of $77.96 cents. This will significantly improve revenue.”

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