JUST-IN: Federal Gov’t Okays N27.5trn 2024 Budget Size

The federal government has approved the sum of N27.5trillion for the 2024 Appropriation Bill.

Minister of Budget and National Planning, Atiku Bagudu, disclosed this to State House correspondents on Monday after the weekly Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.

According to him, further details of the budget will be released when the President presents the budget to the National Assembly.

He said the Medium Term Expenditure Framework (MTEF), which had been passed by the National Assembly, was further reviewed.

Consequently, Bagudu said the targeted revenue for the next fiscal year now stands at N18trillion given new parameters of the MTEF.

He said, “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.”