President Bola Tinubu will on Wednesday present the 2024 budget to a joint session of the National Assembly.
This was confirmed to journalists by the Secretary of Research and Information at the National Assembly, Dr Ali Barde Umoru, who was at the Senate with respect to protocol arrangements.
It was learned that the number and category of persons to be given access to the National Assembly Complex will be restricted on the day due to space constraints and a heightened sense of security.
Sources in the upper chamber who spoke in confidence said the President has written to both the President of the Senate, Godswill Akpabio, and Speaker of the House of Representatives, Hon. Tajudeen Abbas, conveying his intention to address the joint session.
The two leaders are expected to read the letter to Senators and Members of the House of Representatives during Tuesday’s plenary.
Barely three weeks ago, President Tinubu forwarded the, 2024 – 2026 Medium Term Expenditure Framework ( MTEF) and Fiscal Strategy Paper ( FSP) proposing an expenditure of N26.1 for the 2024 fiscal year.
After two weeks of deliberations and interface with heads of Ministries, Departments, and Agencies ( MDAs) on revenue and expenditure projections made for them, the Senate through its Committee of Finance approved the MTEF.
It specifically, approved the N26.1 trillion proposed as 2024 budget and other parameters as proposed by President Bola Tinubu.
It also approved the new borrowings of N7.8 trillion, while pegging the oil price benchmark for 2024 at $73.96 and oil production at 1.78 million barrels per day.
Other parameters approved are a GDP growth rate of 3.76%, an Inflation rate of 21.40%, a suggested benchmark exchange rate of N700 to one dollar, and a projected budget deficit of N9.04 trillion.
The report read in part: ” FGN recommended spending N26trillion with N16.9trillion as retained revenue.
“N9 trillion budget deficit ( including GOEs), N7.8 trillion in new borrowings (including borrowing from foreign and domestic sources).
“N1.3 trillion worth of statutory transfers, an estimated N8.2 trillion in debt service, N234.6billion in the sinking fund, N1.27trillion in pension, gratuity and retiree benefits.
“Total recurrent (non–debt) of N10.2trillion and N4.49trillion as capital expenditure “.
