BREAKING: Tinubu presents N27. 5trn 2024 budget
President Bola Tinubu has presented the 2024 Appropriation Bill of N27.5 trillion before a joint session of the Senate and the House of Representatives.
The appropriation bill was christened the “Budget of Renewed Hope.”
President Tinubu entered the Chamber of the House of Representatives at 11.13 a.m. The National Anthem was recited upon his arrival.
The President of the Senate and Chairman of the National Assembly, Godswill Akpabio, called the House to order at 11.15 a.m.
Akpabio began the reading of the welcome address at 11.20 a.m.
Ahead of today’s budget presentation three weeks ago, Tinubu forwarded to both chambers the 2024–2026 MTEF and Fiscal Strategy Paper.
In the paper, N26.1 trillion was proposed as the total expenditure profile for the 2024 fiscal year.
The Senate, through its Committee on Finance, after two weeks of interactive sessions with heads of ministries, departments, and agencies on revenue and expenditure projections made for them, approved the MTEF.
However, it was later adjusted to N27.5 trillion, which is being presented today.
TODAY
President Bola Tinubu has promised Nigerians that the country’s economy is on the path of recovery, and the 2024 budget will be a turning point towards economic growth. During the presentation of the 2024 appropriation bill to a joint session of the National Assembly in Abuja on Wednesday, President Tinubu assured Nigerians that the government is committed to improving the lives of the people and fulfilling its promises to them. He expressed confidence that the budget will be in the best interest of Nigerians.
The budget for the year 2024 has the potential to improve performance, support the growth of small, medium, and large businesses, enhance public safety and security, and elevate the living standards of our citizens. However, we have not yet explored the enormous opportunities in solid minerals and other sectors. I assure you that the recovery is underway.
During his first budget presentation before the lawmakers since assuming office on May 29, 2023, the President presented budget estimates of N27.5 trillion. He expressed confidence that this budgetary allocation will set Nigeria on a transformative path towards a sustainable and resilient energy future, fostering economic growth, job creation, and environmental preservation.
The upper chamber had on Tuesday granted the president’s request to present the budget to a joint session of the Senate and the House of Representatives.
The NASS’ Secretary of Research and Information, Ali Umoru, in a letter dated November 27, 2023, had indicated that the President will address the parliament today.
About three weeks ago, the President forwarded to both chambers of the National Assembly the 2024–2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper, where the sum of N26.1 trillion was proposed as the total expenditure profile for the 2024 fiscal year.
On Monday, the budget was revised upwards by N1.5 trillion to N27.5 trillion after the oil price benchmark was increased and the naira exchange rate lowered.
The Minister of Budget and Economic Planning, Abubakar Bagudu, told reporters at the State House on Monday that the Federal Executive Council (FEC) revised the MTEF and the Fiscal Policy to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96 per barrel.
According to Bagudu, the FEC also approved an Appropriation Bill for 2024 with an aggregate expenditure of N27.5 trillion, an increase of over N1.5 trillion from the previously estimated. The current budget proposal of N27.5 trillion is 26% higher than the budget presented by former President Muhammadu Buhari in 2022. Additionally, the President has requested NASS to approve an external borrowing plan of $8.6bn and €100m for critical infrastructure projects in areas such as power, roads, water, railway, and health.
