President Bola Tinubu will present the 2024 budget estimates of N27.5trn to a joint session of the National Assembly (NASS) today (Wednesday).
This marks the President’s inaugural budget presentation to the lawmakers since assuming office on May 29, 2023.
The upper chamber, on Tuesday, approved the President’s request to present the budget jointly to the Senate and the House of Representatives.
NASS’ Secretary of Research and Information, Ali Umoru, confirmed in a letter dated November 27, 2023, that the President would address the parliament today.
Approximately three weeks ago, the President submitted the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper to both chambers of the National Assembly, proposing a total expenditure of N26.1 trillion for the 2024 fiscal year.
On Monday, the budget was revised upward by N1.5 trillion to N27.5 trillion following an increase in the oil price benchmark and a reduction in the naira exchange rate.
On Monday, the Minister of Budget and Economic Planning, Abubakar Bagudu, informed reporters at the State House that the Federal Executive Council (FEC) had revised the Medium-Term Expenditure Framework (MTEF) and the Fiscal Policy. The revision included adopting an exchange rate of N750 to $1 and a benchmark crude oil reference price of $77.96 per barrel.
Bagudu further disclosed that the FEC had approved an Appropriation Bill for 2024, amounting to N27.5 trillion, indicating an increase of over N1.5 trillion from the previous estimate.
This budget of N27.5 trillion represents a 26% increment compared to the 2023 budget presented by former President Muhammadu Buhari in 2022.
Additionally, the President has sought the National Assembly’s approval for an external borrowing plan of $8.6 billion and €100 million to fund critical infrastructure projects in areas such as power, roads, water, railway, and health.