Just in: Tinubu to presents 2024 national budget November 29

Breaking: Tinubu presents 2024 national budget November 29

President Bola Tinubu will unveil the projected figures and estimates for the 2024 budget before a joint session of the National Assembly on Wednesday

Secretary, Research and Information at the National Assembly, Dr Ali Barde Umoru, made confirmation of the budget presentation to journalists while requesting for list of those to be allowed into the chamber.

Communication on the budget presentation by President Tinubu to joint session of the National Assembly must have been forwarded to both the President of the Senate , Godswill Akpabio and Speaker of the House of Representatives , Hon Tajudeen Abbas which would however be read in plenary on Tuesday.

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

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

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

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

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.

The report reads : ” FGN recommended spending N26trillion with N16.9trillion as retained revenue .
” N9trillion budget deficit ( including GOEs) , N7.8trillion in new borrowings ( including borrowing from foreign and domestic sources).

“N1.3trillion worth of statutory transfers , an estimated N8.2trillion in debt service , N234.6billion in the sinking fund , N1.27trillion in pension , gratuity and retiree benefits.

“Total recurrent (non – debt ) of N10.2trillion and N4.49trillion as capital expenditure “.

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