The Federal Executive Council (FEC) has approved the 2024 appropriation bill of N27.50 trillion, with a N1.5 trillion increase from the earlier estimated bill.
The government had proposed N26.2 trillion but reviewed the Medium Term Expenditure Framework (MTEF) after it was recently approved by the National Assembly.
The Minister of Budget and National Planning, Atiku Bagudu, announced this on Monday at the end of the FEC meeting chaired by President Bola Tinubu in Abuja.
He said that 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 MDA presentations.
Mr Bagudu said the MTEF that was approved by the National Assembly put the exchange rate at N700 per dollar and an oil price benchmark of 73.96 dollars.
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…