The Federal Executive Council (FEC), on Monday, approved the 2024 Appropriation Bill with an aggregate expenditure of N27.5 trillion.
The Informant247 gathered that the Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, made the announcement after the federal cabinet meeting presided over by President Bola Ahmed Tinubu at the Council Chambers of the Presidential Villa, Abuja, adding that the targeted revenue for next year is N18 trillion.
According to him, further details of the budget will be released when President Tinubu presents the budget to the National Assembly, which was gathered to be presented on Wednesday.
Bagudu also said FEC approved the revised 2024 – 2026 Medium-Term Expenditure Framework(MTEF)/ Fiscal Strategy Paper (FSP), which would be submitted along with the 2024 budget.
“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 $73.96 cents
“To improve revenue, the council further reviewed the MTEF, with an exchange rate of N750 to a dollar and a crude oil benchmark of $77.96 cents. This will significantly improve revenue,” he said.