President Bola Tinubu, flanked by key figures of his administration, presented the highly anticipated 2024 budget estimates totaling N27.5 trillion. This marks the President's inaugural budget presentation before the joint session of the National Assembly since assuming office on May 29, 2023.
Accompanied by Vice President Kashim Shettima, Chief of Staff Femi Gbajabiamila, Secretary to the Government of the Federation George Akume, Minister Nyesom Wike, and APC National Chairman Abdullahi Ganjude, President Tinubu arrived at the NASS Complex around 11:10 am, emphasizing the gravity of this fiscal unveiling.
The upper chamber had granted the President's request to present the budget jointly to the Senate and the House of Representatives. The President's address was anticipated, with NASS' Secretary of Research and Information, Ali Umoru, confirming the parliamentary session through a letter dated November 27, 2023.
The budget proposal, initially set at N26.1 trillion in the 2024-2026 Medium-Term Expenditure Framework, underwent revisions on Monday, increasing by N1.5 trillion.
This adjustment followed an upswing in the oil price benchmark and a revision in the naira exchange rate. Minister of Budget and Economic Planning Abubakar Bagudu announced the Federal Executive Council's approval, citing an exchange rate of N750 to $1 and a crude oil reference price of $77.96 per barrel.
The revised budget, now standing at N27.5 trillion, represents a remarkable 26% increase from the 2023 budget presented by former President Muhammadu Buhari in 2022. The surge reflects the government's commitment to addressing critical needs and boosting various sectors of the economy.
Simultaneously, President Tinubu sought NASS approval for an external borrowing plan of $8.6 billion and €100 million.
The funds are earmarked for vital infrastructure projects in power, roads, water, railway, and health, underlining the administration's strategic focus on national development.
As the nation digests the intricate details of this significant budget proposal, the President's maiden presentation is poised to set the stage for debates, scrutiny, and discussions that will shape Nigeria's fiscal landscape in the coming year.
