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FEC Approves N27.5 Trillion For 2024 Budget
The president is expected to unveil the budget on Wednesday.
Abuja, Nigeria– The Federal Executive Council (FEC) led by President Bola Ahmed Tinubu has approved the 2024 Appropriation Bill, setting an aggregate expenditure of N27.5 trillion.
The Minister of Budget and Economic Planning, Atiku Bagudu, made the announcement at the Council Chambers of the Presidential Villa in Abuja
The minister also said the targeted revenue for next year is N18 trillion.
He said that the budget will be released when President Tinubu makes his presentation of the budget to the National Assembly.
Bagudu further explained that 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.
The president is expected to unveil the budget on Wednesday.