The Federal Executive Council has approved a 2024 budget of 27.5 trillion naira.

Briefing State House Correspondents shortly after the Federal Executive Council meeting at the Presidential Villa, the Minister of Budget and Economic Planning, ABUBAKAR BAGUDU, said it revised the Medium-Term Expenditure Framework and the Fiscal Policy to use an exchange rate of 750 naira to $1 and a benchmark crude oil reference price of $77.96 per barrel.

According to BAGUDU, the FEC also approved an Appropriation Bill for 2024 with an aggregate expenditure of 27.5 trillion naira, an increase of over 1.5 trillion naira from the previous estimate.

He also noted that using the old reference prices, the forecast revenue is now 18.2 trillion naira which is higher than the 2023 revenue, including that provided in the two supplementary budgets, in which the deficit is lower than that of 2023.

President BOLA TINUBU will present the 2024 budget to the National Assembly tomorrow.