The Federal Executive Council on Monday approved the 2024 budget estimated at N27.5trillion, at the crude oil benchmark of $77.96 per barrel and N750 to the dollar exchange rate.
The new budget is N1.5trn higher, than the initial N26.5trillion earlier approved by the Council before the passage of the Medium Term Framework and Fiscal Policy document, by the National Assembly.
Atiku Bagudu, the minister of budget and economic planning disclosed this while State House Journalists, after the Federal Executive Council FEC meeting presided over by President Bola Tinubu, at the Presidential Villa, Abuja, on Monday.
He disclosed that the Council also approved a revised Medium Term Economic Framework and Fiscal Policy document which will be represented to the National Assembly alongside the 2024 Appropriation Bill, describing the budget as “a process until it is signed into law”
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, revealed that FEC also approved a concessionary budget support loan of $1b from the African Development Bank.
Edun also disclosed that the Presidential Fiscal Policy and Tax Reforms committee headed by Taiwo Oyedele, briefed the Council on its recent report presented to the President.
He revealed that the committee has affected the economy, helping to boost fiscal position of the government and assisting to increase tax revenue to GDP, to 18% in Nigeria, from the current 7.5%.