President Bola Tinubu is set to deliver the 2024 budget estimates of N27.5 trillion to a joint session of the National Assembly (NASS) today, marking his inaugural budget presentation since assuming office on May 29, 2023.
The upper chamber had granted the President’s request on Tuesday to present the budget jointly to the Senate and the House of Representatives. NASS’ Secretary of Research and Information, Ali Umoru, had earlier communicated the President’s address scheduled for today in a letter dated November 27, 2023.
Approximately three weeks ago, President Tinubu submitted the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper to both chambers of the National Assembly, proposing a total expenditure of N26.1 trillion for the 2024 fiscal year.
However, on Monday, the budget saw an upward revision by N1.5 trillion to N27.5 trillion following adjustments to the oil price benchmark and the naira exchange rate. Minister of Budget and Economic Planning, Abubakar Bagudu, announced at the State House that the Federal Executive Council (FEC) approved the revision, incorporating an exchange rate of N750 to $1 and a benchmark crude oil reference price of $77.96 per barrel.
Bagudu further disclosed that the FEC greenlit an Appropriation Bill for 2024, reflecting an aggregate expenditure of N27.5 trillion, marking an increase of over N1.5 trillion from the initial estimate.
Notably, the 2024 budget is 26% higher than the 2023 budget presented by former President Muhammadu Buhari in 2022.
In a separate move, President Tinubu has written to the National Assembly, seeking approval for an external borrowing plan of $8.6 billion and €100 million. The funds are earmarked for critical infrastructure projects, including those in power, roads, water, railway, and health.