President Tinubu Presents N27.5 Trillion 2024 Budget To National Assembly

 

President Bola Tinubu

President Bola Tinubu arrived at the National Assembly (NASS) today to deliver the 2024 budget estimates, amounting to N27.5 trillion. This marks the President's inaugural budget presentation before the joint session of the National Assembly since assuming office on May 29, 2023.

The President, accompanied by his entourage, including Vice President Kashim Shettima, Chief of Staff Femi Gbajabiamila, Secretary to the Government of the Federation George Akume, Minister of the Federal Capital Territory Nyesom Wike, and APC National Chairman Abdullahi Ganjude, arrived at the NASS Complex at approximately 11:10 am.

The upper chamber had previously granted the President's request to present the budget to a joint session of the Senate and the House of Representatives. Ali Umoru, NASS' Secretary of Research and Information, had announced the President's address in a letter dated November 27, 2023. Three weeks ago, President Tinubu submitted the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper to both chambers, proposing a total expenditure of N26.1 trillion for the 2024 fiscal year.

However, the budget was revised upwards by N1.5 trillion on Monday following an increase in the oil price benchmark and a lower naira exchange rate. Minister of Budget and Economic Planning, Abubakar Bagudu, stated that the Federal Executive Council (FEC) approved the revision, adopting an exchange rate of N750 to $1 and a benchmark crude oil reference price of $77.96 per barrel. The FEC also greenlit an Appropriation Bill for 2024 with an aggregate expenditure of N27.5 trillion, reflecting an increase of over N1.5 trillion from the initial estimate. Notably, the N27.5 trillion budget is 26% higher than the 2023 budget presented by former President Muhammadu Buhari in 2022. In addition to the budget presentation, President Tinubu has sought the National Assembly's approval for an external borrowing plan of $8.6 billion and €100 million. The funds are intended for critical infrastructure projects in areas such as power, roads, water, railway, and health.