The federal executive council (FEC) has approved the N27 trillion proposed for the 2024 budget.
The FEC gave the approval on Monday at the weekly executive meeting presided over by President Bola Tinubu. The president will present the budget to the national assembly in a few days’ time.
On October 16, Atiku Bagudu, minister of planning and budget, announced that the federal government proposed N26 trillion for the 2024 budget.
He told State House correspondents that the budget proposal would be submitted to the national assembly before December 31.
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.
Bagudu said 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,” he said.
“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.”
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