- Jacks up oil, forex benchmarks for MTEF
The Federal Executive Council (FEC) has approved the 2024 Appropriation Bill with aggregate expenditure of N27.5trillion for presentation to the National Assembly by President Bola Tinubu on Wednesday.
The Minister of Budget and National Planning, Atiku Bagudu, made this known to State House correspondents on Monday after the Federal Executive Council (FEC) meeting chaired by President Tinubu at the Presidential Villa, Abuja.
The Minister said further details of the budget would be released when the President presents the budget to the National Assembly.
Bagudu said the Medium Term Expenditure Framework (MTEF) and Fiscal Policy Papers which had been passed by the National Assembly were further reviewed, in line with a targeted revenue of N18 trillion for year 2024.
This is why the 2024 Budget was jacked up from an earlier N26 trillion to now N27.5 trillion, he stated.
According to the Minister: “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.”
With this development, the President with present the 2024 Budget along with the reviewed MTEF for the National Assembly to approve.
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