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Monday, 27 November 2023 18:22

Tinubu To Presents 2024 Budget To N/Assembly

President Bola Ahmed Tinubu will, on Wednesday, present the 2024 budget to the joint session of the National Assembly.

Secretary, Research and Information of the National Assembly, Dr Ali Barde Umoru, confirmed this on Monday to journalists while requesting the list of those to be allowed into the chamber during the budget presentation.

This will be the first budget estimate President Tinubu will present to the National Assembly in person.

He had earlier transmitted two supplementary budgets, 2022 and 2023, to the National Assembly, which the parliament speedily approved.

President Tinubu had, weeks ago, also forwarded to both chambers of the National Assembly, the 20224-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) where the sum of N26.1 trillion was proposed as the total expenditure for the 2024 fiscal year.

The Senate, following the recommendation of its joint committee, which scrutinised the document, approved the MTEF/FSP.

It approved the N26.1trn proposed as the 2024 budget and other parameters as proposed by President Tinubu.

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

Other parameters approved are a GDP growth rate of 3.76%, an inflation rate of 21.40%, an exchange rate of N700 to $1 dollar, and a projected budget deficit of N9.04 trillion.

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