By METROWATCH Reporter
Nigeria’s Federal Executive Council (FEC), presided over by President Bola Tinubu has approved the sum of N27.5 trillion as budget estimate for the 2024 fiscal year.
Minister of Budget and National Planning, Atiku Bagudu, disclosed this to State House Correspondents on Monday at the end of the council meeting at the Presidential Villa.
According to him, further details of the budget will be released when the President presents the proposals to the National Assembly next week.
He said the MTEF which has been passed by the National Assembly was further reviewed.
Bagudu said the targeted revenue for next year is N18 trillion.
He said, “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.”
