FG Adjusts 2024 Budget to N27.5 Trillion, Eyes Economic Realities

In response to prevailing economic conditions, the Federal Government has revised its 2024 budget proposal, increasing it from the initial N26 trillion to N27.5 trillion.

The adjustments were announced by the Minister of Budget and Economic Planning, Atiku Bagudu, following the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Presidential Villa in Abuja.

Bagudu disclosed that the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP) have been revised, principally changing the exchange rate from N700 to N750 per dollar. Furthermore, the oil benchmark was raised from $73 per barrel, as originally approved, to $77 per barrel.

During the briefing, Bagudu stressed that further specifics about the revised budget will be revealed when President Tinubu presented it to the National Assembly.

The minister emphasized that the amended budget expected N18.2 trillion in income for 2024, exceeding the revenue forecasted for 2023, even if the deficits were projected to be lower than the previous year.

Furthermore, the FEC approved the 2024 Appropriation Act, opening the door for President Tinubu to deliver it to the National Assembly.

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Furthermore, Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, announced the approval of a $1 billion budget support loan from the African Development Bank (AfDB). He also provided insights from the Fiscal Policy and Tax Reform Committee, which revealed intentions to increase tax income through digitalization and tax reforms in order to increase government revenue.

Meanwhile, President Tinubu will address a joint session of the National Assembly to deliver the budget for 2024. Dr. Ali Barde Umoru, the National Assembly’s Secretary for Research and Information, confirmed the schedule, emphasizing that entry to the National Assembly complex would be limited due to space limits and increased security concerns.

This anticipated budget presentation reflects the government’s proactive measures in adapting fiscal policies to address economic challenges and foster sustainable growth amidst the evolving economic landscape.