Temitope Mustapha, Abuja
The Federal Executive Council (FEC) has given the green light to the 2024 Appropriation Bill, setting an expenditure of N27.5 trillion for presentation to the National Assembly by President Bola Ahmed Tinubu in the coming days.
Atiku Bagudu, the Minister of Budget and National Planning, made this announcement to State House correspondents on Monday after the Federal Executive Council meeting presided over by President Tinubu at the Presidential Villa, Abuja.
The minister also revealed that further details of the budget would be unveiled during the President’s presentation to the National Assembly in the near future.
Bagudu disclosed, “this has the aggregate of 27 trillion 500 billion naira, which is an increase of over 1.5 trillion from the previously estimated using the old reference prices.”
Discussing the forecast revenue for 2024, the Minister stated it to be N18.2 trillion, higher than the 2023 revenue, including that provided in the two supplementary budgets, while 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 the presentation of such to the National Assembly by the President.
