The Senate Leader, Opeyemi Bamidele, has expressed concerns over the high recurrent expenditure of the proposed N27.5 trillion 2024 budget presented by President Bola Tinubu, stating that the N9.9 trillion allocated for recurrent expenditure is too high, constituting forty-three percent of the total budget.
Speaking during the opening of the debate on general budget principles at the plenary in Abuja on Thursday, Mr. Bamidele highlighted the fiscal details of the budget, emphasizing a deficit of N9.8 trillion, representing 3.88% of the estimated GDP, which exceeds the three percent threshold set by the Fiscal Responsibility Act, 2007.
Key features of the budget include an oil price benchmark of $77.96 per barrel, a daily oil production estimate of 1.78 million barrels, and an exchange rate of N750 to a dollar.
Mr. Bamidele outlined the total federally collectible revenue as N16.87 trillion, with federally distributable revenue at N11.09 trillion.
Meanwhile, other Senators who contributed to the debate commended President Bola Tinubu for presenting a budget they described as a “budget of renewed hope.”
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