On Monday, November 27, the Federal Executive Council (FEC) granted approval for a total expenditure of N27.5 trillion in the 2024 Appropriation Bill.
The announcement came after a FEC meeting chaired by President Bola Tinubu at the State House in Abuja.
Alhaji Atiku Bagudu, the Minister of Budget and Economic Planning, revealed that the projected revenue for the following year is set at N18 trillion.
Minister Bagudu shared that additional intricacies of the budget will be unveiled during President Tinubu’s presentation to the National Assembly. Additionally, he highlighted that the National Assembly reviewed the Medium Term Expenditure Framework (MTEF), which had previously received approval.
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.”