Victor Ezeja
AdminThe Federal Executive Council (FEC) meeting presided over by President Bola Tinubu, on Monday approved N27.5 trillion as aggregate expenditure for the 2024 Appropriation Bill, with N18 trillion projected as revenue target for next year.
Disclosing this to State House correspondents after the cabinet meeting, the Minister of Budget and Economic Planning, Atiku Bagudu stated that details of the budget would come to light when Tinubu presents the proposal to the National Assembly next week.
He however revealed that the Medium Term Expenditure Framework (MTEF), which had been passed by the National Assembly, was further reviewed by the FEC.
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Bagudu said: “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.”
Prime Business Africa recalls that Atiku had on October 16, announced that the federal government proposed N26 trillion for the 2024 budget. He told State House correspondents at the time that the budget proposal would be submitted to a joint sitting of the National Assembly before the 31st of December.
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