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FEC Meeting Presided Over by President Bola Tinubu
The Federal Executive Council (FEC) has approved the 2024 Appropriation Bill with aggregate expenditure of N27.5 trillion.
The Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, announced this on Monday after the Federal Executive Council meeting presided over by President Bola Ahmed Tinubu at the Council Chambers of the Presidential Villa, Abuja.
This is just as plans have been concluded for the president to present the budget to the National Assembly on Wednesday.
The minister, who said the proposal was an increase of over N1.5 trillion when compared to the earlier projection of N26.01trillion, put the targeted revenue for next year at N18.32 trillion.
He said the deficit was also lower than that of 2023.
According to him, further details of the budget will be released when President Tinubu makes his presentation of the budget to the National Assembly.
Bagudu said FEC also approved the revised 2024 – 2026 Medium-Term Expenditure Framework (MTEF)/ Fiscal Strategy Paper (FSP), which would be submitted alongside the 2024 budget proposal.
According to him, it is four dollars more than the MTET/FSP earlier approved by the National Assembly.
He said: “Today, among other issues, the Federal Executive Council considered the 2024 Appropriation Bill. You may recall that the Medium Term Expenditure Framework was earlier approved and transmitted to the National Assembly, which the assembly graciously approved and that approved Medium Term Expenditure has the exchange rate of N700 to $1 and equally, the benchmark crude oil price at $73.96 cent.
“However, in Mr. President’s determination to find more money to fund our priorities, today the Federal Executive Council further revised the Medium Term Expenditure Framework and Fiscal Policy Framework and two of the important decisions were to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96, meaning $4 more than the earlier approval.
“This will significantly increase government revenue that Mr. President intends to use in further supporting the ministries, departments and agencies in the execution of the eight priority areas, particularly health, education, infrastructure, security and other developmental areas.
“Equally, 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 N27,500,000,000,000, which is an increase of over N1.5 trillion from the previously estimated, using the old reference prices.
“The forecast revenue is now N18.32 trillion, 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.”
Meanwhile, Tinubu will, on Wednesday, present the 2024 budget estimates to the joint session of the National Assembly.
Secretary, Research and Information of the National Assembly, Dr Ali Barde Umoru, confirmed this on Monday to journalists while requesting for the list of those to be allowed into the chamber during the budget presentation.
This will be the first budget estimate President Tinubu will present to the National Assembly in person.
In the same vein, the Speaker House of Representatives, Abbas Tajudeen revealed that, in line with the 10th House’s mantra as the “Peoples House”, it will convene a Town Hall meeting on the 2024 Appropriation Act to get inputs from Nigerians before it comes into effect.
He stated this at a ‘One Day Retreat for Chairmen and Deputy Chairmen of the House of Representatives’ in Abuja on Monday.
The retreat organised by Konrad Adeneur-Stiftung was themed: “Improving Legislative Performance Through Effective Committee Management”.
He said, “As we expect to receive the 2024 Appropriation bill in a few days, I wish to state that the House will convene a Budget Townhall Meeting to enable citizens to make inputs into the 2024 Appropriation. It is the first time such an engagement is planned at the national level.
“This is necessary for reducing suspicion, building trust and generating support for the work of the National Assembly. I invite our partners to work with us in preparing for a vigorous and all-inclusive budget process. To ensure speedy passage of the 2024 budget, I charge all Committees to double their efforts and finalise all considerations in two weeks.
“However, this does not imply haphazard and superficial consideration of the Budget. Rather, it is a challenge to you to deploy all resources and make the needed sacrifices to ensure we pass the budget in good time for the good of all Nigerians.
The speaker urged the chairmen, deputies, and all their members to operate as a team. “To be effective, committees must hold regular meetings, develop and adhere to annual work plans, report regularly and engage with the public. However, the general effectiveness of Committees is contingent on a clear understanding of your mandate and objectives.
“This involves fostering teamwork, promoting inclusivity, and ensuring that all members contribute meaningfully to the committee’s work. An important aspect of synergy relates to greater collaboration between committees in legislative activities.
“For instance, the House cannot afford individual public hearings on all private member bills due to the increased number of committees. As such, the House will adopt the mechanism of consolidating bills for hearings to ensure sustainability”.
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