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Nigerian govt approves 2024 budget estimate of N27.5tr



The Federal Executive Council (FEC) on Monday approved the 2024 budget proposal of N27.5 trillion.

The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House correspondents at the end of the council meeting presided over by President Bola Tinubu at the State House, Abuja.

He said the Federal Government had pegged the targeted revenue for next year at N18 trillion.

The minister added that details of the budget would be made public after its presentation to the National Assembly by President Bola Tinubu.

READ ALSO: Tinubu to present 2024 budget early November – Senate

He was however silent on when the president would present the budget to the parliament.

Bagudu 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.”

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