President Bola Tinubu is scheduled to present the 2024 budget to a joint session of the National Assembly on Wednesday, as announced by Dr. Ali Barde Umoru, the Secretary of Research and Information at the National Assembly. The confirmation was made during a briefing with journalists, where Umoru also discussed the arrangements for those permitted into the chamber during the presentation.
This forthcoming budget presentation follows Tinubu’s submission of the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper to both chambers of the National Assembly three weeks ago. In this submission, the President proposed a total expenditure profile of N26.1 trillion for the 2024 fiscal year.
The Senate’s Committee on Finance conducted interactive sessions with heads of Ministries, Departments, and Agencies to review revenue and expenditure projections. After two weeks of deliberations, the committee approved the MTEF, including the N26.1 trillion proposed for the 2024 budget and other parameters outlined by the President.
Among the approved parameters are new borrowings of N7.8 trillion, a benchmark oil price for 2024 set at $73.96, and an oil production volume per day at 1.78 million barrels. The budget presentation is expected to shed light on the government’s fiscal priorities and plans for the upcoming year.