Tinubu presents N26.1trn 2024 budget Wednesday

Barring any last minute changes, President Bola Tinubu will present the 2024 budget to a joint session of the National Assembly on Wednesday.

This information was confirmed to journalists by the Secretary, Research and Information at the National Assembly, Dr Ali Umoru, who was at the Senate with respect to protocol arrangements.

It was gathered that the number and category of persons to be given access into the National Assembly Complex will be restricted on the day due to space constraints and security.

Usually reliable sources in the upper chamber, who spoke in confidence, said the President has written to both the President of the Senate, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas, conveying his intention to address the joint session.

The two leaders are expected to read the letter to Senators and members of the House of Representatives during Tuesday’s plenary.

N26.1trn

Recall, barely three weeks ago, President Tinubu had forwarded the, 2024 – 2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) proposing an expenditure of N26.1 trillion for the 2024 fiscal year.

After two weeks of deliberations and interface with heads of ministries, departments and agencies (MDAs) on revenue and expenditure projections made for them, the Senate through its Committee of Finance approved the MTEF,

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

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

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

N8.2trn debt service

The report read in part: “FGN recommended spending N26 trillion with N16.9 trillion as retained revenue.
“N9 trillion budget deficit (including GOEs), N7.8 trillion in new borrowings (including borrowing from foreign and domestic sources).
“N1.3 trillion worth of statutory transfers, an estimated N8.2 trillion in debt service, N234.6 billion in the sinking fund, N1.27 trillion in pension, gratuity and retiree benefits.
“Total recurrent (non-debt ) of N10.2 trillion and N4.49 trillion as capital expenditure.”