Tinubu presents budget Wednesday, FEC okays $1bn loan

President Bola Tinubu will on Wednesday present the 2024 Appropriation Bill to a joint session of the National Assembly.

This came as the Federal Executive Council on Monday approved the 2024 Appropriation Bill of N27.5tn.

This is an increase from the N26.01tn earlier considered by the council.

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The Minister of Budget and Economic Planning, Abubakar Bagudu, disclosed the approval to State House correspondents after the close of FEC’s weekly  meeting presided over by Tinubu at the Aso Rock Villa, Abuja.

While disclosing that the Federal Government is projecting N18tn revenue for the 2024 fiscal year, Bagudu said further details of the appropriation bill would be released when the President presents it to a joint session of the National Assembly on Wednesday.

According to the minister, the Medium Term Expenditure Framework passed by the National Assembly is being reviewed by the Council.

Bagudu said “Equally, the Federal Executive Council approved the 2024 Appropriation Bill and the presentation of such to the National Assembly by His Excellency, Mr. President.