Tinubu Presents 2024 Budget on Wednesday – NASS

By Iyojo Ameh

President Bola Tinubu will on Wednesday this week , present projections and estimates of 2024 budget to joint session of the National Assembly.

Secretary , Research and Information at the National Assembly , Dr Ali Barde Umoru .

made confirmation of the budget presentation to journalists while requesting for list of those to be allowed into the chamber .

Communication on the budget presentation by President Tinubu to joint session of the National Assembly must have been forwarded to both the President of the Senate , Godswill Akpabio and Speaker of the House of Representatives , Hon Tajudeen Abbas which would however be read in plenary on Tuesday.

Ahead of the budget presentation , President Tinubu had three weeks ago , forwarded to both chambers of the National Assembly , 20224 – 2026 Medium Term Expenditure Framework ( MTEF) and Fiscal Strategy Paper ( FSP) where the sum of N26.

1trillion was proposed as total expenditure profile for 2024 fiscal year .

The Senate through its committee on Finance after two weeks of interactive sessions with heads of Ministries , Departments and Agencies ( MDAs) on revenue and expenditure projections made for them , approved the MTEF .

It specifically , approved the N26.1trillion proposed as 2024 budget and other parameters as proposed by President Bola Tinubu .

It approved the new borrowings of N7.8trillion , pegs benchmark oil price for the 2024 at $73.96 and oil production volume per day at 1.78million barrels .

Other parameters approved are GDP growth rate of 3.76% , Inflation rate of 21.40% , suggested benchmark exchange rate at N700 to $1dollar and projected budget deficit of N9.04 trillion .

The report reads : ” FGN recommended spending N26trillion with N16.9trillion as retained revenue .
“N9trillion budget deficit ( including GOEs) , N7.8trillion in new borrowings ( including borrowing from foreign and domestic sources) .

“N1.3trillion worth of statutory transfers , an estimated N8.2trillion in debt service , N234.6billion in the sinking fund , N1.27trillion in pension , gratuity and retiree benefits .
” Total recurrent (non – debt ) of N10.2trillion and N4.49trillion as capital expenditure “.