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All Nigeria Latest News reports that the Federal Executive Council (FEC) has given its approval to the 2024 Appropriation Bill, which outlines an aggregate expenditure of N27.5 trillion.

Alhaji Atiku Bagudu, the Minister of Budget and Economic Planning, made this announcement on Monday following the federal cabinet meeting chaired by President Bola Tinubu at the Council Chambers of the Presidential Villa in Abuja.

Bagudu also said the targeted revenue for next year is N18 trillion.

He mentioned that additional details of the budget will be disclosed when President Tinubu presents the budget to the National Assembly.

The president will present the budget on Wednesday.

The Minister also said FEC also approved the revised 2024 – 2026 Medium-Term Expenditure Framework(MTEF)/ Fiscal Strategy Paper (FSP) which would be submitted along with the 2024 budget.

“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 $73.96 cents

“To improve revenue, the council further reviewed the MTEF, with an exchange rate of N750 to a dollar, and a crude oil benchmark of $77.96 cents. This will significantly improve revenue,” the Minister said.

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