President Bola Tinubu is scheduled to present the 2024 budget to a joint session of the National Assembly on Wednesday, as confirmed by the Secretary, Research and Information at the National Assembly, Dr. Ali Umoru.
The presentation is expected to be made with certain restrictions on the number and category of individuals allowed access to the National Assembly Complex due to space constraints and security considerations.
President Tinubu had previously submitted the 2024–2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), proposing a total expenditure of N26.1 trillion for the 2024 fiscal year.
The Senate, after two weeks of deliberations and engagements with heads of ministries, departments, and agencies, approved the MTEF, endorsing the proposed N26.1 trillion budget and other key parameters.
The approved parameters include new borrowings of N7.8 trillion, an oil price benchmark of $73.96, oil production at 1.78 million barrels per day, GDP growth rate of 3.76%, inflation rate of 21.40%, benchmark exchange rate at N700 to $1, and a projected budget deficit of N9.04 trillion.
The budget breakdown indicates a total recurrent (non-debt) expenditure of N10.2 trillion, N4.49 trillion allocated for capital expenditure, and N8.2 trillion earmarked for debt service, among other allocations.
