The Federal Executive Council (FEC) on Monday greenlit the 2024 appropriation bill with a revised budget estimate of twenty-seven-point-five trillion naira. President Bola Tinubu is slated to present the budget to the National Assembly, marking an increase from the initially considered twenty-six-point-zero-one trillion naira.
Minister of Budget and Economic Planning, Abubakar Bagudu, shared this development with State House Correspondents after the conclusion of this week’s FEC meeting. He highlighted that comprehensive details of the budget would be unveiled when President Tinubu formally presents it to the National Assembly next week.
Bagudu disclosed that the Medium-Term Expenditure Framework (MTEF), previously endorsed by the National Assembly, underwent further review. The revised Medium-Term Expenditure Framework, which includes an exchange rate of seven hundred and fifty naira to a dollar and a crude oil benchmark of seventy-seven dollars, aims to enhance revenue generation.
The targeted revenue for the fiscal year 2024 is set at eighteen trillion naira, indicating a strategic effort to bolster the nation’s financial resources. Bagudu emphasized that the adjustments made to the Medium-Term Expenditure Framework, particularly the revised exchange rate and crude oil benchmark, are expected to significantly contribute to revenue enhancement.