TINUBU WILL PRESENT A N2 TRILLION SUPPLEMENTAL BUDGET TO THE NATIONAL ASSEMBLY.

Babatunji Wusu –

President Bola Tinubu plans to offer a supplementary budget to the National Assembly worth over N2 trillion naira.

At its weekly meeting today in the Council Chamber of the Presidential Villa in Abuja, the Federal Executive Council (FEC) approved the submission of the supplementary budget.

Remember that the federal government requested a N26 trillion budget for 2024 to be submitted to the National Assembly by December 31, 2023.

Atiku Bagudu, the Minister of Planning and Budget, announced the budget proposal at the conclusion of the Federal Executive Council (FEC) meeting last week Monday.

Bagudu stated that the council has adopted the medium-term spending framework (MTEF) and fiscal strategy papers (FSP) for 2024-2025.

He continued by saying that the Fiscal Responsibility Act mandates that the executive deliver the medium-term economic prognosis for the country to the national assembly prior to the budget presentation.

According to the minister, the FEC used a reference price of $73.96 per barrel for crude oil and an exchange rate of N700.