The Federal Executive Council (FEC) has approved the 2024 Appropriation Bill estimated at N27.5 trillion.
The minister of Budget and Economic Planning, Atiku Bagudu, made this known on Monday following the federal cabinet meeting presided over by President Bola Ahmed Tinubu at the Council Chambers of the Presidential Villa, Abuja.
The minister told State House correspondents that the revenue target for next year is N18 trillion.
He further said that details of the budget will be released when President Tinubu presents the budget to the National Assembly.
The minister also said FEC approved the revised 2024 – 2026 Medium-Term Expenditure Framework(MTEF)/ Fiscal Strategy Paper (FSP) which would be submitted along with the 2024 budget.
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 $73.96 cents. To improve revenue, the council further reviewed the MTEF, with an exchange rate of N750 to a dollar, and a crude oil benchmark of $77.96 cents. This will significantly improve revenue,” he said.
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