Federal Executive Council Approves N26.01 Trillion Expenditure for 2024 Budget

• The Federal Executive Council (FEC) approves a total expenditure projection of N26.01 trillion for the 2024 fiscal year in Nigeria
• Components include statutory transfers, non-debt recurrent expenditure, debt service, and personnel pension costs, emphasising maintaining the January–December budget cycle

The Federal Executive Council (FEC) has approved a total expenditure projection of N26.01 trillion for the 2024 fiscal year. Atiku Bagudu, the Minister of Budget and Economic Planning, made this announcement following a federal cabinet meeting presided over by President Bola Ahmed Tinubu at the Council Chambers of the Presidential Villa in Abuja.

The proposed 2024 budget includes various components, such as statutory transfers of N1.3 trillion, non-debt recurrent expenditure of N10.26 trillion, debt service estimated at N8.25 trillion, and N7.78 trillion allocated for personnel pension costs. Bagudu explained that the higher debt service figure is due to the securitization of N22.7 trillion in Ways and Means, effectively converting it into a federal government debt with a 9% interest rate.

The minister stated that the government plans to maintain the January–December budget implementation cycle, with President Tinubu presenting the 2024 appropriation bill to the National Assembly for ratification before December 31, 2023. Bagudu emphasized that while there may be perceived delays, the President is actively engaging with the National Assembly well in advance to expedite the budget process.

Additionally, Bagudu mentioned that the federal government intends to present a supplementary budget to address growing financial obligations arising from removing the petroleum subsidy. The supplementary budget is expected to cover continued obligations and immediate security responses.

Women Affairs Minister Uju Kennedy blows hot, set to drag UN to court

The Minister of Women Affairs, Uju Kennedy-Ohanenye, has issued a legal threat against the United Nations, expressing her intention to take legal action if the global organization does not disclose the reports detailing the funds donated for the benefit of Nigerians.

In an AIT interview, the minister criticized the lack of transparency in the United Nations’ utilization of funds received from donations for Nigerians. She has set a one-month ultimatum, commencing on the 16th of October and ending on November 15, during which she plans to prepare a pre-action notice to serve on the UN.

She said, “And I stand here as a minister of women affairs to demand from UN, all the UN; that we want an account of all the money they sourced from donors in the name of Nigeria. We want to see the account of it, and if you don’t give us this account, at least let Nigerians see what has been going on. Then you plead with them, apologise to them and change your ways.