Federal Executive Council Approves N27.5 Trillion for 2024 Budget

The Federal Executive Council (FEC) has greenlit an aggregate expenditure of N27.5 trillion for the 2024 Appropriation Bill.

The announcement was made following a FEC meeting presided over by President Bola Tinubu.

The Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, revealed the key figures, stating, “The targeted revenue for next year is N18 trillion.”

He emphasized that additional details of the budget would be unveiled when President Tinubu presents it to the National Assembly.

Bagudu further outlined adjustments made to the Medium Term Expenditure Framework (MTEF), which had received prior approval from the National Assembly.

The revised MTEF now includes an exchange rate of N750 to a dollar and a crude oil benchmark of $77, enhancements aimed at bolstering national revenue.

This significant allocation underscores the government’s commitment to economic development, and the revised MTEF reflects a strategic approach to optimizing revenue streams for sustained fiscal health.