FEC approves N27.5tn Budget for 2024

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Abuja, Nov. 27, 2023 – The Federal Executive Council (FEC) has approved a N27.5 trillion aggregate federal budget for 2024

The meeting, presided over by President Bola Tinubu, approved the 2024 Appropriation Bill on Monday.

 Atiku Bagudu, the Minister of Budget and Economic Planning, announced this to State House correspondents after the meeting.

He said the meeting also approved N18 trillion as the total targeted revenue for 2024.

Bagudu said the details of the budget would be announced during the presentation of 2024 Appropriation Bill to the National Assembly by the president.

Bagudu said the council also reviewed the Medium Term Expenditure Framework (MTEF) earlier approved by the National Assembly.

He said the MTEF  had 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.” (GBN)

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