November 27, (THEWILL) – The Federal Executive Council (FEC), on Monday, approved an Appropriation Bill of N27.5 trillion, being the proposed 2024 budget for Nigeria.
Minister of Planning and Budget, Atiku Bagudu, disclosed this to State House correspondents, after a meeting of the FEC, presided over by President Bola Tinubu, at the Presidential Villa in Abuja on Monday.
Speaking on Monday, the minister said details of the budget would be released when President Bola Tinubu presents the proposal to the National Assembly next week.
He said the 2024-2025 medium-term expenditure framework (MTEF), which has been passed by the National Assembly, was further reviewed; adding that the targeted revenue for next year is N18 trillion.
“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”, he said.
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