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Akinwande Soji-Ojo
The Federal Executive Council (FEC) has approved the appropriation bill of N27.5 trillion for the year 2024.
This is an increase of N1.49 trillion from the initial N26.01 trillion earlier considered by the council.
Minister of Budget and Economic Planning, Abubakar Bagudu, disclosed this to State House Correspondents after Monday’s FEC meeting.
According to Bagudu, further details about the appropriation bill will be released when the president presents the budget to the National Assembly next week.
He said the Medium Term Expenditure Framework (MTEF), passed by the National Assembly was further reviewed.
Bagudu revealed that the targeted revenue for next year is N18t trillion.
“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,” he said.
Details later……