President Bola Tinubu is set to present the 2024 budget to a joint session of the National Assembly on Wednesday, as confirmed by Dr. Ali Barde Umoru, the Secretary of Research and Information at the National Assembly.
Umoru made the announcement during a press briefing, where he also requested a list of attendees who would be allowed into the chamber for the budget presentation.
Three weeks prior to the scheduled presentation, Tinubu had submitted the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper to both chambers of the National Assembly. The proposal outlined a total expenditure profile of N26.1tn for the 2024 fiscal year.
Following two weeks of interactive sessions with heads of Ministries, Departments, and Agencies on revenue and expenditure projections, the Senate’s committee on Finance approved the Medium Term Expenditure Framework. The Senate specifically approved the proposed N26.1tn as the 2024 budget, along with other parameters as presented by the President.
Moreover, the Senate approved new borrowings of N7.8tn, with a benchmark oil price set at $73.96 for 2024, and an estimated oil production volume per day of 1.78 million barrels.
The presentation of the 2024 budget by President Tinubu marks a crucial step in the government’s fiscal planning and resource allocation for the year ahead. Once presented, it will undergo scrutiny, deliberation, and necessary adjustments by the National Assembly before being implemented.
