FEC approves N27trn proposed budget for 2024, ahead presentation to NASS
Federal Executive Council (FEC) has approved the 2024 Appropriation Bill for an aggregate expenditure of over N27trillion for presentation to the National Assembly by President Bola Ahmed Tinubu in a few days.
Minister of Budget and National Planning, Atiku Bagudu, who made this known to State House correspondents, Monday after the FEC meeting presided over by President Tinubu at the Presidential Villa, Abuja, said further details of the budget will be released when the president presents the budget to the National Assembly in a few day’s time.
Bagudu said the MTEF and fiscal policy frameworks which have been passed by the National Assembly were further reviewed.
“This has the aggregate of 27trillion 500billion naira which is an increase of over 1.5tril from the previously estimated using the old reference prices,” Bagudu said.
The Minister who also disclosed the forecast revenue for 2023 to be N18.2 trillion, said this is higher than the 2023 revenue including that provided in the two supplementary budgets which the deficit is lower than that of 2023.
“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.”
Equally, the FEC approved the 2024 appropriation act and presentation of such to the National Assembly by the President.
