FEC approves N27.5trn for 2024 budget

The Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, disclosed that the Federal Executive Council (FEC) has given its approval to the 2024 Appropriation Bill with a total expenditure of N27.5 trillion.

He made this disclosure on Monday after the federal cabinet meeting chaired by President Bola Ahmed Tinubu at the Council Chambers of the Presidential Villa, Abuja.

He also said the projected revenue for next year is N18 trillion.

He said further details of the budget will be made public when President Tinubu presents the budget to the National Assembly.

Bagudu also said FEC also approved the revised 2024–2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), which would be submitted together with the 2024 budget.

“The federal executive council examined the 2024 Appropriation Bill. The MTEF was previously approved by the National Assembly. It has an exchange rate of N700 to a dollar and a crude oil benchmark of $73.96 cents.

“To increase revenue, the council further revised the MTEF, with an exchange rate of N750 to a dollar and a crude oil benchmark of $77.96 cents. This will considerably improve revenue,” he said.