President Bola Ahmed Tinubu has presented the 2024 budget of N27.50 trillion at a joint session of National Assembly on Tuesday, November 29.
Tinubu, who arrived the National Assembly at about 11 a.m, told the lawmakers that the 2024 budget is christened ‘Budget of Renewed Hope.’
He said: “Distinguished Senators, Honourable Members, permit me to highlight key issues relating to the budget proposals for the next fiscal year. The 2024 Appropriation has been themed the Budget of Renewed Hope. The proposed Budget seeks to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.”
After laying the budget before the lawmakers, Speaker of the House of Representatives, Tajudeen Abass, said the budget will be thoroughly scrutinized and for the first time, the National Assembly will hold townhall meetings to allow Nigerians make make input on the budget. According to the Speaker, the townhall will achieve greater transparency in the allocation of resources.
The 2024 Budget presentation is coming a few days after the legislature passed the 2024-2026 Medium Term Expenditure Framework and the Fiscal Strategy Paper (MTEF-FSP).
Key highlights of the 2024 Framework approved by the lawmakers include total spending of N26 trillion, borrowing plan of N7.8 trillion, exchange rate of N700 to a US dollar, benchmark of oil price for $73 per barrel of crude oil and 1.78 million barrels per day.
However, FEC amended some of the parameters at its meeting presided over by President Tinubu on Monday.
Minister of Budget and National Planning, Atiku Bagudu, said the Council amended the exchange rate from N700 to N750 to a dollar and the crude oil price from $73.96 to $77.96 per barrel.
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