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Pres. Tinubu presents 2024 N26.1trn budget to joint session of NASS Nov. 29

Tinubu had about three weeks ago forwarded the 2024-2026 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper (FSP), proposing a budget size of N26.1 for the 2024 fiscal year.

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President Bola Tinubu will on Wednesday, November 29 present the 2024 budget estimate of about N26.1 trillion to a joint session of the National Assembly.

According to sources at the nation’s parliament, the president had already written to both the President of the Senate, Godswill Akpabio and Speaker of the House of Representatives, Tajudeen Abbas, on his intention to address the joint session.

It was gathered that the leadership of the National Assembly is expected to read the president’s letter to the lawmakers during Tuesday’s plenary session.

Tinubu had about three weeks ago forwarded the 2024-2026 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper (FSP), proposing a budget size of N26.1 for the 2024 fiscal year.

After two weeks of deliberations and interface with heads of ministries, departments and agencies on the revenue and expenditure projections, the Senate through its Committee on Finance approved the MTEF.

It specifically approved the N26.1 trillion proposed as 2024 budget and other parameters proposed by Tinubu.

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

Other parameters approved are GDP growth rate of 3.76 percent, inflation rate of 21.40 percent, suggested benchmark exchange rate of N700 to $1 and a projected budget deficit of N9.04 trillion.

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