The Federal Executive Council (FEC) has greenlit the 2024 Appropriation Bill, revealing a substantial expenditure of N27.5 trillion.
The announcement was made by the Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, following the federal cabinet meeting presided over by President Bola Ahmed Tinubu at the Council Chambers of the Presidential Villa in Abuja on Monday.
Minister Bagudu further disclosed that the targeted revenue for the upcoming year stands at N18 trillion. A more comprehensive breakdown of the budget details is anticipated to be provided when President Tinubu presents the budget to the National Assembly, with the presentation likely scheduled for Wednesday.
In addition to the budget approval, Bagudu revealed that the FEC also gave the nod to the revised 2024–2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), which will be submitted alongside the 2024 budget.
Detailing the changes, he stated, “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 enhance 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 adjustment is expected to significantly boost revenue.”
