PRESIDENT Bola Ahmed Tinubu will present the 2024 appropriation bill on Wednesday, November 29, to the joint session of the National Assembly.
Secretary of the Research and Information Department of the National Assembly, Ali Barde, confirmed the development on Monday to newsmen.
The ICIR reports that the Federal Executive Council (FEC), on Monday, November 27, approved N27.5 trillion as the Federal Government’s aggregate expenditure for 2024.
This is an increase from the N26.01 trillion earlier considered by the council.
The Minister of Budget and Economic Planning, Atiku Bagudu, who spoke to journalists after the meeting presided over by President Bola Tinubu, said the targeted revenue for next year is N18 trillion.
He said further budget details would be released when Tinubu presents it to the National Assembly.
He disclosed that the Medium Term Expenditure Framework (MTEF), passed by the National Assembly, was further reviewed.
Bagudu said: “The federal executive council considered the 2024 appropriation bill. The National Assembly approved the MTEF, with an exchange rate of N700 to a dollar and a crude oil benchmark of $73.
“To improve revenue, the council further reviewed the MTEF, with an exchange rate of N750 to a dollar and a crude oil benchmark of $77. This will significantly improve revenue.”
The ICIR reported that Nigeria’s budgetary provision of 1.78 million barrels per day (bpd) of crude oil production would fall below the benchmark projected in 2024 and lower the country’s revenue prospect for the year.
A daily crude oil production of 1.78 million bpd at $73.96 per barrel was projected for 2024, subject to the Nigerian National Petroleum Company Limited’s (NNPCL) confirmation.
However, a recent report by the African Energy Chamber (AEC) confirmed that Nigeria’s daily crude production would fall below the 1.78 million bpd approved by the Senate.
According to the report, ‘The State of African Energy 2024 Outlook,’ Nigeria is expected to achieve daily crude oil output of 1.51 million bpd in 2024.
Compared with the approved benchmark of 1.78 million bpd, Nigeria will lose 270,000 per day of crude oil production, reducing its revenue and possibly pushing the government to borrow to fund the budget deficits.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.