President Bola Tinubu is scheduled to present the 2024 budget during 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, on Monday.
Umoru confirmed the upcoming budget presentation to journalists, emphasizing the need for a list of individuals permitted to enter the chamber during the event.
Anticipating this presentation, Tinubu had submitted the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper to both chambers of the National Assembly three weeks ago. In this proposal, the total expenditure profile for the 2024 fiscal year was set at N26.1 trillion.
After two weeks of interactive sessions with heads of Ministries, Departments, and Agencies on revenue and expenditure projections, the Senate’s committee on Finance approved the MTEF. The approval included endorsing the N26.1 trillion proposed for the 2024 budget and other parameters suggested by the President.
Among the approved parameters are new borrowings of N7.8 trillion, a benchmark oil price of $73.96 for 2024, and a daily oil production volume of 1.78 million barrels.
