President Bola Tinubu is set to present the 2024 budget to a joint session of the National Assembly on Wednesday, as confirmed by Dr Ali Barde Umoru, the Secretary of Research and Information at the National Assembly.
This announcement comes after President Tinubu had forwarded the 2024 – 2026 Medium Term Expenditure Framework and Fiscal Strategy Paper to both chambers of the National Assembly three weeks ago.
The proposed budget outlines a total expenditure profile of N26.1tn for the fiscal year 2024.
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The Senate, through its committee on Finance, engaged in two weeks of interactive sessions with heads of Ministries, Departments, and Agencies to scrutinize revenue and expenditure projections.
Following these deliberations, the Senate approved the MTEF, endorsing the proposed N26.1tn as the 2024 budget and other parameters presented by the President.
The approved budget includes new borrowings of N7.8tn, with a benchmark oil price set at $73.96 for 2024 and an oil production volume per day at 1.78 million barrels.
The budget presentation is anticipated to provide insights into the administration’s economic priorities and strategies for the coming fiscal year.
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