The Federal Executive Council greenlights a hefty N27.5 trillion 2024 appropriation bill, a hike from the earlier proposed N26.01 trillion, to be introduced by President Bola Tinubu. Questions arise about the effectiveness of prior allocations, prompting concerns about the utilization of funds.
Minister of Budget and Economic Planning, Abubakar Bagudu, unveiled the decision to journalists following the Council’s session, promising detailed insights upon the budget’s presentation to the National Assembly next week.
Revealing key financial targets, Bagudu emphasized a projected revenue of N18 trillion for the forthcoming year. The Minister highlighted alterations made to the Medium-Term Expenditure Framework (MTEF) – initially sanctioned by the National Assembly – adjusting the exchange rate to N750 per dollar and raising the crude oil benchmark to $77, aiming to bolster revenue streams.
Critics question the impact of previous budgets, citing persisting challenges: soaring living costs, expensive education, and inadequate infrastructure, notably the perilous state of many federal roads. Amidst these concerns, skepticism lingers regarding the tangible outcomes of the 2023 budget.
The proposed 2024 budget triggers skepticism about the government’s ability to address pressing issues despite the substantial financial allocation.
