2024 budget: Tinubu to address N/ Assembly joint session Wednesday - NEWS FRONTIER DAILY


Monday, November 27, 2023

2024 budget: Tinubu to address N/ Assembly joint session Wednesday

Baring any last minute changes, President Bola Tinubu, will present the 2024 budget to a joint session of the National Assembly on Wednesday. 

This information was confirmed to journalists by the Secretary , Research and Information at the National Assembly, Dr Ali Barde Umoru, who was at the Senate with respect to protocol arrangements.

It was gathered that the number and category of persons to be given access into the National Assembly Complex will be restricted on the day due to space constraints and a heightened sense of security. 

Usually reliable 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 Housr of Representatives during Tuesday’s plenary. 

Recall, barely three weeks ago, President Tinubu had 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 N26.1trillion proposed as 2024 budget and other parameters as proposed by President Bola Tinubu .

It also approved the new borrowings of N7.8trillion, while pegging the oil price benchmark for 2024 at $73.96 and oil production at 1.78million barrels per day.

Other parameters approved are GDP growth rate of 3.76% , Inflation rate of 21.40% , suggested benchmark exchange rate at N700 to $1dollar and projected budget deficit of N9.04 trillion .

The report read in part: " FGN recommended spending N26trillion with N16.9trillion as retained revenue .

" N9trillion budget deficit ( including GOEs) , N7.8trillion in new borrowings ( including borrowing from foreign and domestic sources) .

" N1.3trillion worth of statutory transfers , an estimated N8.2trillion 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 ". 

No comments:

Post a Comment