Toribiong told reporters that he will sign the measure but will send a letter at the same time to Congress explaining his concerns on the bill.
Toribiong said he has reviewed the Olbiil Era Kelulau version of the budget.
The president at the same time said that he has asked the Ministry of Finance to do an analysis of the budget.
Lawmakers approved a $58,350,987 Fiscal Year 2009 budget.
The legislators mostly followed the Senate version of the budget which includes the provision asking the Palau Public Utilities Corporation to return $945,987 to the national treasury.
Under the law, the president has 15 days to review the measure.
Toribiong has the option to refer the bill, veto it or sign the measure into law.
