Federal Executive Council Approves Proposed Budget for 2024

Temitope Mustapha, Abuja 

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The Federal Executive Council (FEC) has approved the 2024 Appropriation Bill for an aggregate expenditure of N27trillion 500billion naira  for presentation to the National Assembly by President Bola Ahmed Tinubu in a few days

 

The Minister of Budget and National Planning, Atiku Bagudu, made this known  to State House correspondents on Monday after the Federal Executive Council meeting presided over by President  Tinubu at the Presidential Villa, Abuja

The minister said further details of the budget will be released when the president presents the budget to the National Assembly in a few day’s time.
Bagudu said the MTEF and fiscal policy frameworks which have been passed by the National Assembly were further reviewed.
In his words, “this has the aggregate of 27trillion 500billion naira which is an increase of over 1.5tril from the previously estimated using the old reference prices”
The Minister disclosed the forecast revenue for 2024 to be N18.2 trillion, he said this is higher than the 2023 revenue including that provided in the two supplementary budgets which the deficit is lower than that of 2023.
“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.”
Equally, the FEC approved the 2024 appropriation act and the presentation of such to the National Assembly by the President.

 

Dominica Nwabufo