FEC Approves N27trillion Budget for 2024
The Federal Executive Council (FEC) has approved the N27 trillion proposed for the 2024 budget.
The approval was given on Monday
at the weekly executive meeting presided over by President Bola Tinubu and he will present the budget to the national assembly on Wednesday.
Atiku Bagudu, the Minister of Budget and National Planning, disclosed this to State House correspondents.
The Minister stated that more details of the budget will be released when the President presents the budget to the National Assembly in a few days.
Bagudu also stated that the MTEF and fiscal policy frameworks which have been passed by the National Assembly were further reviewed.
He said, “This has the aggregate of 27 trillion 500 billionn naira which is an increase of over1.5 trillionl from the previously estimated using the old reference prices.
“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.”
The FEC also approved the 2024 Appropriation Act and its presentation to the National Assembly by the President.
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