The Federal Executive Council (FEC) on Monday, approved the 2024 appropriation bill of N27.5 trillion to be presented by President Bola Ahmed Tinubu.
The Council is the highest policy-forming body for the federal government and comprises ministers, the governor of the Central Bank of Nigeria (CBN), the national security adviser, and some top government officials, including permanent secretaries.
The Minister of Budget and Economic Planning, Alhaji Atiku Abubakar, who made this known to newsmennon Monday at the end of the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the State House, Abuja, also hinted that Federal Government’s targeted revenue for next year stands at N18 trillion.
According to him, other details of the budget will be released when President Tinubu makes his presentation of the budget to the National Assembly.
He further explained that the Medium Term Expenditure Framework (MTEF), which was recently passed by the National Assembly, was further reviewed.
His words: “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”.
