Categories: News

JUST IN: FEC Approves N27.5trn For 2024 Budget

President Bola Tinubu presiding over the FEC meeting

Eko Hot Blog reports that the Federal Executive Council (FEC) has approved the sum of N27.5 trillion for the 2024 appropriation bill.

The council made the approval at its weekly meeting on Monday.

President Bola Tinubu is expected to submit the budget to the National Assembly soon.

The budget approval comes a few weeks after the Senate and the House of Representatives passed N2.17 trillion as 2023 supplementary budget following a request by the president.

The bill expeditiously scaled readings in both upper and lower chambers as lawmakers said it was for the benefit of the country.

President Bola Tinubu preceding over the FEC meeting

The quick pace of the passage was widely criticized in some quarters as some items in the appropriation bill were regarded as wasteful spending.

Some of the items included the request for N4 billion for the renovation of the residential quarters for the president in Abuja; the renovation of the residential quarters of the vice-president (Abuja) at N2.5 billion.

Others were the request to purchase a presidential yacht at N5 billion (which lawmakers removed); vehicles for the office of the first lady at N1.5 billion; SUVs for the Presidential Villa at N2.9 billion; and the replacement of operational vehicles for the presidency at N2.9 billion.

More to follow…

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Philip Ibitoye

Philip Ibitoye is a journalist who boasts more than five years of experience reporting the news. He is an Editor at Eko Hot Blog.