The Federal Executive Council (FEC) on Monday, ratified a budgetary proposal of N27 trillion as tentative expenditure for 2024.
Barring last minute changes, the presidency will forward the budget proposal to the National Assembly in few days time.
The Minister of Budget and National Planning, Atiku Bagudu, disclosed this to State House correspondents, after the Federal Executive Council meeting presided over by President Bola Tinubu at the Presidential Villa,Abuja.
The minister said further details of the budget will be released when the President presents the budget to the National Assembly in few days time.
Bagudu said the MTEF and fiscal policy frameworks which has been passed by the National Assembly were further reviewed.
He said, “This has the aggregate of 27trillion 500billion naira which is an increase of over 1.5tril from the previously estimated using the old reference prices.
“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.”
The FEC also approved the 2024 Appropriation Act and its presentation to the National Assembly by the President.
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