President Bola Tinubu is poised to present the 2024 budget estimates totaling N27.5 trillion to a joint session of the National Assembly on Wednesday. This marks his inaugural budget presentation since assuming office on May 29, 2023.
Tinubu Set to Present N27.5tn 2024 Appropriation Bill to National Assembly
The upper chamber granted the President’s request to address both the Senate and the House of Representatives, as confirmed by NASS’ Secretary of Research and Information, Ali Umoru, in a letter dated November 27, 2023.
Approximately three weeks ago, President Tinubu submitted the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper, proposing a total expenditure of N26.1 trillion for the 2024 fiscal year.
However, on Monday, the budget underwent a significant revision, increasing by N1.5 trillion to N27.5 trillion. This adjustment came after the Federal Executive Council revised the MTEF and the Fiscal Policy, adopting an exchange rate of N750 to $1 and a benchmark crude oil reference price of $77.96 per barrel.
Senate Approves N57 Billion Budget for Police Trust Fund
Minister of Budget and Economic Planning, Abubakar Bagudu, announced the approval of an Appropriation Bill for 2024, reflecting an aggregate expenditure of N27.5 trillion—an increase of over N1.5 trillion from the initial estimate. Notably, this budget is 26% higher than the 2023 budget presented by former President Muhammadu Buhari in 2022.
In a parallel development, President Tinubu has sought the National Assembly’s approval for an external borrowing plan of $8.6 billion and €100 million.
These funds are earmarked for critical infrastructure projects in key sectors, including power, roads, water, railway, and health. The proposed borrowing aligns with the administration’s commitment to addressing crucial developmental needs in the country.
