FEC Approves N27.5trn For 2024 Budget

The Federal Executive Council  has  approved N27.5 trillion aggregate expenditure for the 2024 Appropriation Bill.

This was disclosed  to journalists by the Minister of Budget and National Planning, Alhaji Atiku Bagudu  after the FEC meeting presided over by President Bola Tinubu at the State House, Abuja, on Monday. Bagudu said the targeted revenue for next year is N18 trillion.

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He said  details of the budget will be released when President Tinubu makes his presentation of the budget to the National Assembly.

Bagudu revealed  that the Medium Term Expenditure Framework (MTEF), which had been passed by the National Assembly, was further reviewed.

“The federal executive council considered the 2024 Appropriation bill. The MTEF was earlier approved by the National Assembly. It has an exchange rate of N700 to a dollar and a crude oil benchmark of $73.
“To improve revenue, the council further reviewed the MTEF, with an exchange rate of N750 to a dollar, and a crude oil benchmark of $77. This will significantly improve revenue,” he said.
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