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NEWS

FEC Approves N27.5trllion for 2024 Budget

November 27, 2023 • 1 min read

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

The Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, disclosed this after the FEC meeting presided over by President Bola Tinubu at the State House, Abuja on Monday.

The minister said further details of the budget would be released when President Tinubu made his presentation of the budget to the National Assembly, just as he said the targeted revenue for next year was N18 trillion.

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

Bagudu said: “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.”