President Bola Tinubu is set to present the 2024 budget to a joint session of the National Assembly on Wednesday, according to Dr. Ali Barde Umoru, the Secretary of Research and Information at the National Assembly.
Punch gathered that this announcement was made on Monday at the National Assembly.
Dr. Umoru confirmed the upcoming budget presentation to journalists while also indicating the need for a list of individuals authorized to enter the chamber during the presentation.
Anticipating the budget presentation, President 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, a total expenditure profile of N26.1 trillion was put forward for the 2024 fiscal year.
After two weeks of interactive sessions with heads of Ministries, Departments, and Agencies regarding revenue and expenditure projections, the Senate’s committee on Finance approved the Medium Term Expenditure Framework.
The committee specifically endorsed the N26.1 trillion proposed as the 2024 budget, along with other parameters outlined by President Tinubu. The approved parameters include 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.