The federal executive council (FEC) has approved the N27 trillion proposed budget for 2024.
The FEC gave its approval on Monday during its weekly executive meeting, which was presided over by President Bola Tinubu. In a few days, the president will deliver the budget to the national assembly.
On October 16, Atiku Bagudu, Minister of Planning and Budget, said that the federal government requested 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.
READ ALSO: FEC approves N2.17trn 2023 Supplementary Budget
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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