Tinubu to present 2024 budget Wednesday

President Bola Tinubu is scheduled to present the 2024 budget to a joint session of the National Assembly on Wednesday.

Dr. Ali Umoru, the Secretary of Research and Information at the National Assembly, confirmed this information, noting that access to the assembly will be restricted due to space and security constraints.

Reliable sources in the upper chamber, speaking anonymously, revealed that President Tinubu has conveyed his intention to address the joint session in letters to the President of the Senate, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas. These letters are expected to be read during Tuesday’s plenary.

President Tinubu had submitted the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) three weeks prior, proposing a budget of N26.1 trillion for the fiscal year 2024.

After two weeks of deliberations and discussions with heads of ministries, departments, and agencies (MDAs), the Senate’s Committee of Finance approved the MTEF.

The approved budget includes N7.8 trillion in new borrowings, an oil price benchmark of $73.96, and oil production set at 1.78 million barrels per day.

Other parameters endorsed by the Senate encompass a GDP growth rate of 3.76%, an inflation rate of 21.40%, a suggested benchmark exchange rate of N700 to $1, and a projected budget deficit of N9.04 trillion.

The breakdown of the budget reveals a recommended spending of N26 trillion, with N16.9 trillion as retained revenue. Notably, there is a budget deficit of N9 trillion (including Government-Owned Enterprises), N7.8 trillion in new borrowings, N1.3 trillion in statutory transfers, and estimated amounts for debt service, sinking fund, pension, gratuity, retiree benefits, total recurrent (non-debt) expenditure of N10.2 trillion, and N4.49 trillion allocated for capital expenditure.