The Federal Executive Council (FEC) ratified a budget proposal of N27 trillion for the tentative expenditure in 2024. The presidency is set to forward the budget proposal to the National Assembly in the coming days.
At the Federal Executive Council meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja, Minister of Budget and National Planning, Atiku Bagudu, disclosed this to State House correspondents.
Bagudu further stated that additional details of the budget would be revealed when the President presents the proposal to the National Assembly. He also mentioned that the Medium Term Expenditure Framework (MTEF) and fiscal policy frameworks, previously passed by the National Assembly, were further reviewed.
He elaborated, “The proposed budget has an aggregate of N27.5 trillion, signifying an increase of over 1.5 trillion from the previous estimate, using the old reference prices.”
Bagudu highlighted, “The Federal Executive Council deliberated on the 2024 Appropriation bill, which was earlier approved by the National Assembly. It is based on an exchange rate of N700 to a dollar and a crude oil benchmark of $73.”
“In a bid to enhance revenue, the council revised the MTEF, setting an exchange rate of N750 to a dollar and a crude oil benchmark of $77. This revision is expected to bring about a significant increase in revenue,” he added.
The FEC also sanctioned the 2024 Appropriation Act and its subsequent presentation to the National Assembly by the President.
