Business

Tinubu presents 2024 budget to National Assembly Wednesday

President Bola Tinubu will on Wednesday, November 29, 2023, present the 2024 budget estimate to a joint session of the National Assembly.

Reliable sources in the Senate, on Monday, disclosed that Tinubu had written to both the Senate President, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas, conveying his intention to address the joint session.

The two National Assembly leaders are expected to read the president’s letter to senators and members of the House of Representatives at plenary on Tuesday.

It would be recalled that Tinubu, about three weeks ago, forwarded the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), proposing an expenditure of N26.1 trillion for the 2024 fiscal year.

After two weeks of deliberations and interface with heads of Ministries, Departments and Agencies on the revenue and expenditure projections, the Senate through its Committee on Finance approved the MTEF.

It specifically approved N26.1 trillion proposed as the 2024 budget and other parameters proposed by Tinubu.

It also approved 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 GDP growth rate of 3.76 per cent, inflation rate of 21.40 per cent, suggested benchmark exchange rate of N700 to $1, and a projected budget deficit of N9.04 trillion.

The Star