The 2024 appropriation bill of N27.5tn received the green light from the Federal Executive Council during its session on Monday, marking an increase from the initially considered N26.01tn.
Minister of Budget and Economic Planning, Abubakar Bagudu, shared this update with State House Correspondents following the council’s meeting conclusion.
Bagudu mentioned that finer details of the budget would emerge when President Bola Tinubu presents it to the National Assembly in the forthcoming week.
In his statement, the former Kebbi governor highlighted that the MTEF, already passed by the National Assembly, underwent further review.
He specified a targeted revenue of N18tn for the upcoming year.
“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,” Bagudu explained.
