By Modupe Gbadeyanka
The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday.
The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja.
He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country.
“The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (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 Minister told journalists after the gathering.
He revealed that further details of the budget would be released after Mr Tinubu presents the bill to a joint session of the National Assembly, hopefully before the end of the week.
