President Bola Tinubu presents a N27.5 trillion National budget to National Assembly

President Bola Tinubu on Wednesday presented his first full-year National Budget to the National Assembly since he was sworn in on 29 May 2023.

 

The President arrived at the National Assembly for the presentation of the 2024 budget at about 11:09 am on Wednesday accompanied some ministers and aides. and senior officials.

 

He was led into the chamber of the House of Representatives for the presentation of the N27.5trillion Appropriation Bill to a joint session of the National Assembly which began after the rendition of the National Anthem and opening prayers

The Federal Executive Council (FEC)on Monday approved N27.5 trillion as the 2024 budget estimate.

 

It will be recalled that Tinubu had about three weeks ago forwarded the 2024-2026 Medium Term Expenditure Framework ( MTEF) and Fiscal Strategy Paper ( FSP), proposing an expenditure of N26.1 for the 2024 fiscal year.

 

After two weeks of deliberations and interface with heads of Ministries, Departments and Agencies on the revenue and expenditure projections, the Senate through its Committee on Finance approved the MTEF.

 

It specifically approved the N26.1 trillion proposed as 2024 budget and other parameters proposed by Tinubu.

It also approved new borrowings of N7.8 trillion, while pegging the oil price benchmark for 2024 at $73.96 and oil production at 1.78 million barrels per day.

 

Other parameters approved are GDP growth rate of 3.76 per cent, the inflation rate of 21.40 per cent, a suggested benchmark exchange rate of N700 to $1 and a projected budget deficit of N9.04 trillion.

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