TINUBU TO UNVEIL 2024 BUDGET AMIDST ECONOMIC UNCERTAINTY
On Wednesday, November 29, 2023, Nigeria’s President, Bola Ahmed Tinubu, is scheduled to deliver the 2024 budget before a
On Wednesday, November 29, 2023, Nigeria’s President, Bola Ahmed Tinubu, is scheduled to deliver the 2024 budget before a joint session of the National Assembly. This information was verified by Dr. Ali Barde Umoru, the Secretary of Research and Information at the National Assembly, who, while at the Senate handling protocol arrangements, shared the confirmation with journalists.
Due to spatial constraints and heightened security measures, access to the National Assembly Complex on that day will be limited in terms of both the number and category of individuals.
President Tinubu had submitted the 2024 – 2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to both chambers of the National Assembly three weeks prior. In this proposal, the total expenditure for the 2024 fiscal year was set at N26.1tn.
After a two-week series of interactive sessions with the heads of Ministries, Departments, and Agencies on revenue and expenditure projections, the Senate’s committee on Finance approved the MTEF/FSP. The Senate specifically endorsed the N26.1tn budget for 2024, along with other parameters as outlined by the President. Notably, the new borrowings were approved at N7.8tn, the benchmark oil price for 2024 was set at $73.96, and the daily oil production volume at 1.78 million barrels.
This budget presentation marks President Tinubu’s first appearance before the National Assembly since his inauguration in May of this year. Importantly, the presentation signals the continuation of the January to December budget cycle initiated by former President Muhammadu Buhari.
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