The Federal Executive Council has greenlit a N27.5 trillion budget for 2024, following the review of the Medium-Term Expenditure Framework. This revised framework adjusted the exchange rate to N750 to $1 and the crude oil price to $77.96 per barrel, altering the previously set benchmarks of N700 to $1 and $73.96 per barrel, respectively.
Abubakar Bagudu, the Minister of Budget and Economic Planning, highlighted that this approved budget saw an increase of over N1.5 trillion from initial estimates. With the updated figures, the forecasted revenue stands at N18.2 trillion, surpassing the 2023 revenue even after factoring in deficits.
This significant adjustment in the budget and revenue projections signals a shift in economic planning for the forthcoming fiscal year.
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