The President, Asiwaju Bola Ahmed Tinubu has presented to the National Assembly (NASS) the 2024 budget estimates, totaling N27.5 trillion.
This is President Tinubu’s inaugural budget presentation before the joint session of the National Assembly since assuming office on May 29, 2023.
Accompanied by key figures in his administration, including Vice President Kashim Shettima and Chief of Staff Femi Gbajabiamila, President Tinubu entered the NASS Complex at approximately 11:10 am.
The upper chamber had previously granted the President’s request to address both the Senate and the House of Representatives jointly.
The announcement of the budget presentation came through a letter from NASS‘ Secretary of Research and Information, Ali Umoru, dated November 27, 2023. This follows the President’s submission of the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper three weeks ago, proposing an expenditure of N26.1 trillion for the fiscal year 2024.
However, on Monday, the budget underwent a significant revision, increasing by N1.5 trillion to N27.5 trillion.
This adjustment was made after the Federal Executive Council (FEC) approved a new exchange rate of N750 to $1 and a benchmark crude oil reference price of $77.96 per barrel. Minister of Budget and Economic Planning, Abubakar Bagudu, stated that the FEC also sanctioned an Appropriation Bill for 2024, reflecting the revised expenditure.
The revised budget, at N27.5 trillion, stands 26% higher than the 2023 budget presented by former President Muhammadu Buhari in 2022.
In addition to the budget presentation, President Tinubu has written to the National Assembly, seeking approval for an external borrowing plan of $8.6 billion and €100 million. These funds are earmarked for critical infrastructure projects in areas such as power, roads, water, railway, and health.
