The Federal Executive Council (FEC) has approved the 2024 budget of N27.5 trillion, to be presented by President Bola Tinubu.
The FEC gave the approval at the weekly executive meeting presided over by Tinubu at the Presidential Villa in Abuja on Monday, November 27, 2023.
The president will, however, present the 2024 budget to the National Assembly in a few days’ time.
Speaking at the end of FEC meeting, the Minister of Budget and National Planning, Atiku Bagudu, said the new proposal was legitimate because the appropriation was dependent on the final process that could be changed due to many variables including new priorities and MDAs presentations.
Bagudu said the Medium Term Expenditure Framework (MTEF) that was approved by the National Assembly put the exchange rate at N700 per dollar and an oil price benchmark of $73.96.
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He added that FEC revised the MTEF to use an exchange rate of N750 to a dollar and oil price benchmark of N77.96 in order to further fund the eight priority areas of the administration.
The minister said the president would give more breakdown of the budget during its presentation to the National Assembly, stressing that the presentation date would be decided by the National Assembly.
Bagudu stated that the 2024 forecast revenue would now be N18.32 trillion higher than the 2023 budget and the supplementary budget provisions.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the federal government has secured funds from the African Development Bank for budget support.
Edun said the $1 billion funds would aid effective implementation of the government reform policies as well as ensure transparency and accountability in the various tax reforms.
He stated that it would be used in areas such as power and ensuring the efficient utilisation of tax revenues, adding that it was not for project funding.
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