The Federal Executive Council (FEC) has approved the 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 journalists after the FEC meeting presided over by President Bola Tinubu at the State House, Abuja.
According to him, the targeted revenue for 2024 is N18 trillion. He added that further details of the budget will be released when President Tinubu makes his presentation of the budget to the National Assembly.
Bagudu further said that the 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.