National

Federal Gov’t Okays N27.5trn 2024 Budget

Published

5 months ago

November 27, 2023

The federal government has given the green light to a whopping N27.5 trillion for the 2024 budget which is expected to be laid down as the Appropriation Bill to the National Assembly.

Minister of Budget and National Planning, Atiku Bagudu, made this revelation after the weekly Federal Executive Council (FEC) meeting, which was presided over by President Bola Tinubu at the Presidential Villa, Abuja.

Bagudu highlighted that more details of the budget would be disclosed when the President presents the budget bill to the National Assembly.

He explained that the Medium Term Expenditure Framework (MTEF), previously approved by the National Assembly, underwent further review. Consequently, the targeted revenue for the next fiscal year now stands at N18 trillion, considering the new parameters of the MTEF.

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He stated, “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.”