President Bola Tinubu is set to present the 2024 budget to a joint session of the National Assembly on Wednesday, as revealed by Dr. Ali Barde Umoru, the Secretary of Research and Information at the National Assembly.
Umoru made this announcement on Monday while confirming the upcoming budget presentation to journalists and arranging for the chamber’s attendee list.
In preparation for this presentation, three weeks earlier, Tinubu had submitted the 2024 – 2026 Medium Term Expenditure Framework and Fiscal Strategy Paper to both chambers of the National Assembly. This proposal outlines a total expenditure of N26.1 trillion for the 2024 fiscal year.
Following two weeks of interactive sessions between the Senate’s committee on Finance and heads of various Ministries, Departments, and Agencies regarding revenue and expenditure projections, the MTEF was approved.
Specifically, the Senate endorsed the proposed N26.1 trillion budget for 2024 and other parameters presented by the President.
Additionally, the Senate approved new borrowings amounting to N7.8 trillion, set the benchmark oil price for 2024 at $73.96, and established the daily oil production volume at 1.78 million barrels.
