BREAKING: FEC approves N27.5tn for 2024 budget
The Federal Executive Council (FEC), on Monday, 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 to press following the FEC meeting presided over by President Bola Tinubu at the State House in Abuja. He also stated that the targeted revenue for next year is N18 trillion.
According to him, more budget details will be published when President Tinubu presents the budget to the National Assembly.
He also stated that the National Assembly’s approved Medium Term Expenditure Framework (MTEF) was being evaluated.
“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 per barrel.
“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 per barrel. This will significantly improve revenue”, he said.
Details later…
