The Federal Executive Council, on Monday, approved the 2024 appropriation bill of N27.5 trillion to be presented by President Bola Ahmed Tinubu.
The Council is the highest policy-forming body for the federal government and comprises ministers, the governor of the Central Bank of Nigeria (CBN), the national security adviser, and some top government officials, including permanent secretaries.
The new budget is N1.5trn higher, than the initial N26trillion 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.
Wale Edu, 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 ( AFDB)