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Monday, 27 November 2023 18:18

FEC Approves N27.5trn For 2024 Budget

The Federal Executive Council (FEC) has approved the 2024 Appropriation Bill with aggregate expenditure of N27.5 trillion.

The Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, announced this on Monday after the federal cabinet meeting presided over by President Bola Ahmed Tinubu at the Council Chambers of the Presidential Villa, Abuja.

The minister also said the targeted revenue for next year is N18 trillion.

According to him, further details of the budget will be released when President Tinubu makes his presentation of the budget to the National Assembly.

Daily Trust gathered that the president might present the budget on Wednesday.

Bagudu also said FEC also approved the revised 2024 – 2026 Medium-Term Expenditure Framework(MTEF)/ Fiscal Strategy Paper (FSP) which would be submitted along with the 2024 budget.

“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 $73.96 cents

“To improve revenue, the council further reviewed the MTEF, with an exchange rate of N750 to a dollar, and a crude oil benchmark of $77.96 cents. This will significantly improve revenue,” he said.

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