PRESIDENT Bola Tinubu will present the 2024 budget to the National Assembly on Wednesday.
Tajudeen Abbas, Speaker of the House of Representatives, is set to make the announcement later today.
Meanwhile, the Federal Executive Council has approved a N27.5 trillion budget for 2024.
This came after the National Assembly reviewed the Medium-Term Expenditure Framework, which set the exchange rate at N700 to $1 and the crude oil price at $73.96 cents per barrel.
Abubakar Bagudu, Minister of Budget and Economic Planning, briefed State House Correspondents shortly after the Federal Executive Council meeting at the Presidential Villa, saying it revised the MTEF and Fiscal Policy to use an exchange rate of N750 to $1 and a benchmark crude oil reference price of $77.96 per barrel.
According to Bagudu, the FEC also passed an Appropriation Bill for 2024 with a total spending of N27.5 trillion, a N1.5 trillion increase above the previously predicted amount.
He further stated that using the old reference prices, the predicted revenue is now N18.2 trillion, which is higher than the revenue for 2023, including the revenue provided in the two supplementary budgets, which have a lower deficit than the deficit for 2023.