President Bola Tinubu is currently presenting the 2024 budget estimates of N27.5trn to the joint session of the National Assembly (NASS).
It’s the President’s first budget presentation before the joint session of the National Assembly since he assumed office on May 29, 2023.
The President arrived at the NASS Complex around 11:10 am alongside his entourage including the Chief of Staff to the President, Femi Gbajabiamila; Secretary to the Government of the Federation, George Akume; National Chairman of the All Progressives Congress (APC), Abdullahi Ganjude; amongst others.
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.
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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.
About three weeks ago, the President forwarded to both chambers of the National Assembly the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper where the sum of N26.1trn was proposed as the total expenditure profile for the 2024 fiscal year.
On Monday, the budget on Monday was revised upwards by 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.
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