FEC approves N27.5trn budget for 2024

The Federal Executive Council (FEC), on Monday, November 27, approved a sum of N27.5 trillion aggregate expenditure for the 2024 Appropriation Bill.

Disclosing this to journalists after the FEC meeting presided over by President Bola Tinubu at the State House, Abuja, the Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, 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.

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.”