Tinubu to present N26.1trn 2024 Budget before NASS, Wednesday
President Bola Ahmed Tinubu is expected to formally present the 2024 budget to a joint session of the National Assembly (NASS), on Wednesday, November 29, according to the Secretary, Research and Information at the legislative arm of government, Dr Ali Barde Umoru, who was at the Senate with respect to protocol arrangements.
It was gathered that the number and category of persons to be given access into the National Assembly Complex will be restricted on the day due to space constraints and a heightened sense of security.
President Tinubu had three weeks ago, forwarded to both chambers of the National Assembly, the 20224 – 2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) where the sum of N26.1tn was proposed as the total expenditure profile for the 2024 fiscal year.
The Senate through its committee on Finance after two weeks of interactive sessions with heads of Ministries, Departments and Agencies on revenue and expenditure projections made for them, approved the MTEF/FSP.
It specifically, approved the N26.1tn proposed as 2024 budget and other parameters as proposed by the President.
It also approved the new borrowings of N7.8tn, pegs benchmark oil price for 2024 at $73.96 and oil production volume per day at 1.78m barrels.
This will be Tinubu’s budget presentation since inauguration in May 29, 2023.
The presentation indicates that Tinubu will maintain the January to December budget cycle initiated by former President Muhammadu Buhari.
Last Tuesday, the Federal Executive Council (FEC) approved the 2024 Appropriation Bill for an aggregate expenditure of about N27 trillion for presentation to the National Assembly by President Bola Ahmed Tinubu in a few days.
Minister of Budget and National Planning, Atiku Bagudu, who made this known to State House correspondents, Monday after the FEC meeting presided over by President Tinubu at the Presidential Villa, Abuja, said further details of the budget will be released when the president presents the budget to the National Assembly in a few day’s time.
Bagudu said the MTEF and fiscal policy frameworks which have been passed by the National Assembly were further reviewed.
“This has the aggregate of 27trillion 500billion naira which is an increase of over 1.5tril from the previously estimated using the old reference prices,” Bagudu said.
The Minister who also disclosed the forecast revenue for 2023 to be N18.2 trillion, said this is higher than the 2023 revenue including that provided in the two supplementary budgets which the deficit is lower than that of 2023.
“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.”
Equally, the FEC approved the 2024 appropriation act and presentation of such to the National Assembly by the President.
