Tinubu presents N27.5trn 2024 budget to NASS today

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President Bola Ahmed Tinubu (GCFR) inaugurates the National Economic Council at the Council Chamber of the Presidential Villa on Thursday, June 15, 2023. Photo: State House/Nosa Asemota

President Bola Tinubu will present the 2024 budget estimates of N27.5trn to a joint session of the National Assembly (NASS) today (Wednesday). It’s the President’s first budget presentation before the lawmakers since he assumed office on May 29, 2023.

The upper chamber had on Tuesday granted the President’s request to present the budget to a joint session of the Senate and the House of Representatives. Also, NASS’ Secretary of Research and Information, Ali Umoru, in a letter dated November 27, 2023, had announced that the President will address the parliament today. About three weeks ago, the President forwarded to both chambers of the National Assembly the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper where the sum of N26.1trn was proposed as the total expenditure profile for the 2024 fiscal year.

On Monday, the budget on Monday was revised upwards by N1.5 trillion to N27.5trn after the oil price benchmark was increased and the naira exchange rate lowered. The Minister of Budget and Economic Planning, Abubakar Bagudu, told reporters at the State House on Monday that the Federal Executive Council (FEC) revised the MTEF and the Fiscal Policy to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96 per barrel.

According to Bagudu, the FEC also approved an Appropriation Bill for 2024 with an aggregate expenditure of N27.5 trillion, an increase of over N1.5 trillion from the previously estimated. The budget of N27.5 trillion is 26% higher than the 2023 budget presented by ex-President Muhammadu Buhari in 2022.

Meanwhile, the President also wrote NASS, seeking the approval of $8.6bn and €100m external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health.

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