FEC okays N27.5tn budget for 2024, $77.9 oil benchmark

FEC okays N27.5tn budget for 2024, $77.9 oil benchmark 

The Federal Executive Council (FEC) has approved N27.5 trillion expenditure for the 2024 Appropriation Bill.

It also raised its oil price assumption by $4 per barrel to $77.96 and its assumed currency value down to N750 per dollar, compared with N700.

Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, disclosed this on Monday in Abuja after the FEC meeting presided over by President Bola Tinubu at the State House.

The minister last month said the country planned to spend N26.01 trillion for its 2024 budget.

Bagudu gave the targeted revenue for next year as N18 trillion.

According to him, further details of the budget will be given when President Tinubu presents the budget to the National Assembly.

He also said the Medium Term Expenditure Framework (MTEF), which had been passed by the National Assembly, was further reviewed.

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.”