• Latest
  • Trending

FEC Approves N27.5tn As 2024 Budget, Reviews Medium-Term Expenditure Framework

November 27, 2023

FG announces end of PENGASSAN, Dangote rift

October 1, 2025

Darius Ishaku’s N27bn Fraud Trial: Witness Reveals How Funds Were Collected and Disbursed on His Instructions

September 30, 2025

Newly Called-To-Bar Edo Lawyer, Sister Freed After Kidnapping Ordeal

September 30, 2025

IGP Egbetokun Urges Newly Called-To-Bar Police Officers to Uphold Integrity

September 30, 2025

Diddy Risk 11-Years Sentence after Prostitution Conviction

September 30, 2025

Tinubu to address Nigerians on 65th Independence Day

September 30, 2025

Lagos NURTW Chieftain ‘Shamelon’ Arraigned for Murder of Dispatch Rider

September 30, 2025

Olubadan Ladoja Declares Political Exit, Embraces Role as Ibadan Monarch

September 30, 2025

Lagos State Appoints Mandy Kiss as Brand Ambassador Against Drug Abuse

September 30, 2025

Accept peace plan or face severe consequences, Trump warns Hamas

September 30, 2025

FUNAAB Alumni Bolster Partnership with FUADSI, Fuelling New University’s Promising Start

September 30, 2025

FG Begins Payment of N32,000 Pension Increment to DBS Retirees

September 30, 2025

Lagos Records Fifth Female Local Government Official Death in Two Months

September 30, 2025

Professor David Jowitt’s 60-Year Teaching Journey from Anglican Grammar School Ubulu-Ukwu to Nigerian Academia

September 30, 2025

ECOWAS Parliament Approves $26M Budget for 2026, Plans 25th Anniversary Celebration

September 30, 2025

Middle East, European leaders welcome Trump’s Gaza ceasefire plan

September 30, 2025

Fintech Founder Charlie Javice Sentenced to 7 Years for $175M JPMorgan Fraud

September 30, 2025

YouTube to pay $22 million in settlement with Trump

September 30, 2025

Prof. Olusola Oyewole @ 70: Grace, Grit, and Refired For Global Impact

September 30, 2025

Oil, Power, and Protest – Can Nigeria Balance Labour Rights with Economic Stability?

September 29, 2025

EFCC Arrests Six for Alleged Land Fraud in Uyo

September 29, 2025

SCUML Seals Two Companies in Sokoto

September 29, 2025

FORMER PRESIDENT JONATHAN’S 2027 BID: ELIGIBILITY QUESTIONS AND DISMAL RECORD TO BE SCRUTINISED

September 29, 2025

FUNAAB Alumnus Professor Rasaki Kareem Named Deputy Vice Chancellor of Crescent University

September 29, 2025

New Yayi Buses Revolutionize FUNAAB Campus Travel—Students Celebrate Affordable Comfort!

September 29, 2025

Tragic Loss: Arise TV News Anchor Somtochukwu Christelle Maduagwu Killed in Abuja Robbery

September 29, 2025

Sahel Intelligence Agencies Prepare to Expose Nigerian Politicians Supporting Bandits

September 29, 2025

Five die in Ondo road crash

September 29, 2025

Federal Government Refutes False Allegations of Religious Genocide in Nigeria

September 29, 2025

Court Jails Internet Fraudster in Kaduna

September 29, 2025
ADVERTISEMENT
  • Home
  • BREAKING NEWS
  • Tech
  • Entertainment
  • Lifestyle
  • Education
    • Sports
ValidView Network - Breaking News, Nigerian News, Nigerian newspapers, Entertainment, Videos, Sports, Business and Politics.
ADVERTISEMENT
  • Home
  • BREAKING NEWS
  • Tech
    • All
    • Apps

    Nigerian Girls Triumph at 2025 Technovation Global Summit with AI Safety App

    Trump sees progress on TikTok, says will visit China

    French lawmakers urge socialmedia ban for under-15s

    The Future of Internet Connectivity in Nigeria: Opportunities and Challenges

    CBN awards OPay for financial inclusion innovation

    Why Motorcycle Prices Are Soaring in 2024

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • CELEBRATIONS
    • Gaming
    • History and Culture
    • Movie
    • Music
    • Sports

    Breaking : Nigeria world cup qualification receives boost,As FIFA Sanctions South Africa

    Ladoja Crowned 44th Olubadan of Ibadan, Ushering New Era

    BREAKING: Ladoja crowned 44th Olubadan, set to receive staff of office

    Why Ladoja’s emergence was rancour-free – Balogun-designate

    Rooney Defends Ekitike’s Red Card Celebration as “Refreshing” Despite Suspension

    Modric vs De Bruyne: Milan Hosts Napoli in Serie A Showdown

  • Lifestyle
    • All
    • Health

    WASH 94.9 FM: Nigeria’s Pioneering Health Radio Marks One Year of Empowering Wellness

    Teen Girl, 14, Dies After Alleged Secret Breast Surgery

    Covid Cases Surge in England as New ‘Stratus’ Variant Spreads

    Russia Launches Revolutionary Free Cancer Vaccine with Promising Trial Results

    Dilapidated Ipokia General Hospital in Ogun State Forces Patients to Bring Own Beds Amid Severe Neglect

    Kwara Governor Appoints Prof. Popoola CMD, Thomas Adewumi Teaching Hospital

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Education
    • Sports
No Result
View All Result
  • Home
  • BREAKING NEWS
  • Tech
    • All
    • Apps

    Nigerian Girls Triumph at 2025 Technovation Global Summit with AI Safety App

    Trump sees progress on TikTok, says will visit China

    French lawmakers urge socialmedia ban for under-15s

    The Future of Internet Connectivity in Nigeria: Opportunities and Challenges

    CBN awards OPay for financial inclusion innovation

    Why Motorcycle Prices Are Soaring in 2024

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • CELEBRATIONS
    • Gaming
    • History and Culture
    • Movie
    • Music
    • Sports

    Breaking : Nigeria world cup qualification receives boost,As FIFA Sanctions South Africa

    Ladoja Crowned 44th Olubadan of Ibadan, Ushering New Era

    BREAKING: Ladoja crowned 44th Olubadan, set to receive staff of office

    Why Ladoja’s emergence was rancour-free – Balogun-designate

    Rooney Defends Ekitike’s Red Card Celebration as “Refreshing” Despite Suspension

    Modric vs De Bruyne: Milan Hosts Napoli in Serie A Showdown

  • Lifestyle
    • All
    • Health

    WASH 94.9 FM: Nigeria’s Pioneering Health Radio Marks One Year of Empowering Wellness

    Teen Girl, 14, Dies After Alleged Secret Breast Surgery

    Covid Cases Surge in England as New ‘Stratus’ Variant Spreads

    Russia Launches Revolutionary Free Cancer Vaccine with Promising Trial Results

    Dilapidated Ipokia General Hospital in Ogun State Forces Patients to Bring Own Beds Amid Severe Neglect

    Kwara Governor Appoints Prof. Popoola CMD, Thomas Adewumi Teaching Hospital

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Education
    • Sports
No Result
View All Result
ValidView Network - Breaking News, Nigerian News, Nigerian newspapers, Entertainment, Videos, Sports, Business and Politics.
No Result
View All Result

FEC Approves N27.5tn As 2024 Budget, Reviews Medium-Term Expenditure Framework

ValidViewNetwork by ValidViewNetwork
November 27, 2023
in News
0 0
0
Home News
ADVERTISEMENT
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT
Spread the love

The Federal Executive Council, on Monday, approved a 2024 budget of N27.5 trillion.

This followed the review of the Medium-Term Expenditure Framework earlier passed by the National Assembly which benchmarked the exchange rate at N700 to $1 and crude oil price at $73.96 cent per barrel.

Briefing State House Correspondents after the Federal Executive Council meeting at the Presidential Villa, the Minister of Budget and Economic Planning, Abubakar Bagudu, said it revised the MTEF and the Fiscal Policy to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96 per barrel.

According to Bagudu, the FEC also approved an Appropriation Bill for 2024 with an aggregate expenditure of N27.5 trillion, an increase of over N1.5 trillion from the previous estimate.

He also noted that using the old reference prices, the forecast revenue is now N18.2 trillion which is higher than the 2023 revenue, including that provided in the two supplementary budgets, in which the deficit is lower than that of 2023.

Meanwhile, the FEC was briefed by the Fiscal Policy and Tax Reform Committee on its workings for roughly 90 days.

Addressing journalists, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the committee had proposed the removal of VAT on diesel and is looking to increase the ratio of tax revenue to GDP to 18 percent, which is the average for Africa.

ADVERTISEMENT

He also gave an update on the $100 million financing from the African Development Bank (AfDB) and $15 million from the Canada African Development Bank Climate Fund (CACF) inherited from the previous administration.

He said it is a concessional borrowing of around 4.2 percent per annum by Abia state through the federal government.

Advertisement. Scroll to continue reading.

According to him, the funds are for waste management and rehabilitation of roads in Abia State.

Furthermore, Edun said the African Development Bank approved $1 billion concessional financing for Nigeria with a moratorium of eight years, at about 4.2 percent per annum, in recognition of the economic measures that have been taken and the swift movement towards macro stability.

He said the loan to be paid in 25 years at 4.2 percent per annum, has a moratorium of eight years

ADVERTISEMENT

He said the AfDB, a concessional financing organisation, is to provide $1 billion in general budget support.

“The Federal Executive Council has also approved a total limit of N2 trillion to be available for use by the Ministry of Finance in order to go in and out of the market and essentially to, where possible, bring down the rate of interest on the current outstanding,” Edun explained.

“The view is that there will be an opportunity to save about 50 billion naira or more in debt servicing over time by giving back expensive debt refinancing it with cheaper funding.”

Do you want to share a story with us?
Do you want to advertise with us?
Do you need publicity for a product, service, or event?
Contact us on WhatsApp +2348033617468, +234 816 612 1513, +234 703 010 7174
or Email: validviewnetwork@gmail.com
CLICK TO JOIN OUR WHATSAPP GROUP
ADVERTISEMENT
Tags: 2024 BudgetTinubu
Previous Post

President Tinubu reappoints Mele Kyari as NNPC GCEO

Next Post

Tinubu writes National Assembly on presentation of 2024 budget

ValidViewNetwork

ValidViewNetwork

Next Post

Tinubu writes National Assembly on presentation of 2024 budget

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Get the latest news from ValidViewNetwork
Loading

SPONSORED ADVERT

SPONSORED ADVERT

As the Lord liveth, you are feeling bushing this 6th month better and stronger than the way you started it in Jesus Mighty Name. Our angels of good news shall locate us this month. Shalom!

  • Home
  • BREAKING NEWS
  • Tech
  • Entertainment
  • Lifestyle
  • Education

© 2022 ValidViewNetwork - Website Developed by HaybeeMultimedia.

No Result
View All Result

© 2022 ValidViewNetwork - Website Developed by HaybeeMultimedia.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist