A sum of N27.5 trillion aggregate expenditure was on Monday, November 27, approved by the Federal Executive Council (FEC) for the 2024 Appropriation Bill.
The Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, who made this known to newsmen after the FEC meeting presided over by President Bola Tinubu at the State House, Abuja, said the targeted revenue for next year is N18 trillion.
The minister said further details of the budget will be released when President Tinubu makes his presentation of the budget to the National Assembly.
Bagudu further revealed that the Medium Term Expenditure Framework (MTEF), which had been passed by the National Assembly, was further reviewed.
“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″, he said.
“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.”
