President Bola Ahmed Tinubu will today Wednesday, present the 2024 budget estimates of N27.5trn to a joint session of the National Assembly (NASS).
Allnews.ng can confirm that this budget is the first budget presentation of the President before the lawmakers since he assumed office on May 29, 2023.
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.
Also, NASS’ Secretary of Research and Information, Ali Umoru, in a letter dated November 27, 2023, had announced that the President will address the parliament today.
The budget was on Monday given an upward review from N1.5 trillion to N27.5trn 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.
He noted that 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 budget appropriation of N27.5 trillion is 26% higher than the 2023 budget presented by ex-President Muhammadu Buhari in 2022.