The Federal Executive Council on Monday approved the 2024 appropriation bill of N27.5tn, to be presented by President Bola Tinubu.
This is an increase from the N26.01tn earlier considered by the council.
The Minister of Budget and Economic Planning, Abubakar Bagudu, disclosed this to State House Correspondents after the close of this week’s Council meeting.
According to Bagudu, further details of the budget will be released when the President presents the budget to the National Assembly next week.
He said the MTEF which has been passed by the National Assembly was further reviewed.
Bagudu revealed that the targeted revenue for next year is N18tn.
He 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.”