The Federal Executive Council (FEC) has approved the 2024 appropriation bill of N27.5 trillion.
This comes with a N1.5 trillion increase from the earlier estimated bill of N26.2 trillion.
The Federal Government had proposed N26.2 trillion but reviewed the Medium Term Expenditure Framework (MTEF) after it was recently approved by the National Assembly.
President Bola Tinubu is expected to present the 2024 budget to the joint session of the National Assembly on Wednesday.
Minister of Budget and Economic Planning, Abubakar Bagudu disclosed this to State House Correspondents on Monday at the end of the council’s meeting.
Bagudu explained that further details of the budget would be released when the President presents the budget to the National Assembly next week.
He stated that the MTEF which has been passed by the National Assembly was further reviewed, adding that the targeted revenue for year 2024 is N18tn.
“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,” he said.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun disclosed that the Federal Government has secured funds from the African Development Bank (AfDB) for budget support.
He informed that the one billion dollar funds would strengthen the effective implementation of government reform policies, as well as ensure transparency and accountability in the various tax reforms.
Edun hinted that it would be utilised in areas such as power but not for project funding.
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