2024: Tinubu to present N26.1trn budget to N/Assembly November – Senate

The Senate on Wednesday  said President Bola Tinubu will next month present the proposed N26.1 trillion 2024 budget estimates to a joint session of the National Assembly.

It also said the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) will be transmitted to the parliament next week for consideration and approval.

The Chairman, Senate Committee on Appropriations, Solomon Adeola, disclosed this while briefing reporters after his committee meeting yesterday at the National Assembly.

The Federal Executive Council (FEC) last week approved the 2024-2026 MTEF/FSP, a document that would provide the medium-term outlook for the economy.

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In the document, the federal government pegged the price of crude oil at $73.96; the exchange rate at N700/$; oil production at 1.78 million barrels per day; debt service of N8. 25 trillion; inflation at 21 percent and GDP growth at 3.76 percent.

The aggregate expenditure is estimated at N26.01 trillion for the 2024 budget, which includes statutory transfers of N1.3 trillion, nondebt recurrent expenditure of N10.26 trillion, debt service estimated at N8.25 trillion, as well as N7.78 trillion being provided for personnel and pension cost.

Ahead of the presentation of the fiscal document, the Senate through its committee on Appropriations summoned the Minister of Finance, Wale Edun and his counterpart on Budget and Economic Planning, Senator Atiku Bagudu, to appear before it on Wednesday next week for explanations.

Senator Adeola said the executive in the proposed budget should come up with 55% allocations for capital expenditure as against 25% to 30% it has been over the years.

He also said that the appropriation committee would not entertain any approval for corrigendum after budget consideration and passage.

He however assured that despite the delay in budget presentation for the 2024 fiscal year, the already established January to December implementation period would be sustained.