President Tinubu to present 2024 Budget on Wednesday

Lekan Sowande, Abuja

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Nigeria’s President, Bola Ahmed Tinubu will on Wednesday, November 29, 2023 present the 2024 budget to a joint session of the National Assembly.

This information was confirmed to Journalists by the Secretary, Research and Information at the National Assembly, Dr Ali Barde 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 a heightened sense of security.

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

The Senate through its committee on Finance after two weeks of interactive sessions with heads of Ministries, Departments and Agencies on revenue and expenditure projections made for them, approved the MTEF/FSP.

It specifically, approved the N26.1tn proposed as 2024 budget and other parameters as proposed by the President.

It also approved the new borrowings of N7.8tn, pegs benchmark oil price for 2024 at $73.96 and oil production volume per day at 1.78m barrels.

This will be the first budget President Tinubu will present to the National Assembly since he was inaugurated in May this year.

The presentation indicates that President Tinubu will maintain the January to December budget cycle initiated by former President Muhammadu Buhari.