FEC approves 2024 Appropriation Bill of N27.5trn

The Federal Executive Council (FEC) has approved the presentation of N27.5 trillion as the 2024 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 N700 to the dollar, earlier passed by the National Assembly, which has now been reviewed to N750 to the dollar, and the benchmark for crude oil price, previously pegged at about $74, revised to $77.

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 His Excellency Mr President.

The bill has an aggregate expenditure of N27.5 trillion, which is an increase of over N1.5 trillion from the previously estimated amount using the old reference price.

“The forecast revenue is now N18.32 trillion, which is higher than the 2023 revenues, including those provided in the 2 Supplementary Budgets. Equally and commendably, the deficit is lower than that of 2023,” he explained.

FEC approves concessionary loan

FEC has also given approval for the collection of a $100 million concessionary loan from the African Development Bank and a $15 million 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 $1billion in concessionary financing from the African Development Bank to stabilize macro-economic measures of the government and improve the foreign exchange situation.

SOURCE: FRCN