President Bola Tinubu on Wednesday made his first budget presentation before a joint session of the National Assembly.
Presenting the 2024 Appropriation Bill to Parliament, President Tinubu unveiled a budget estimate of N27.50 trillion.
He said the estimate is predicated on a crude oil benchmark price of $77.96 per barrel, daily oil production of 1.78 million barrels per day and exchange rate N750 to the US Dollar for the 2024 fiscal year.
According to the president, the N27.50 trillion budget proposed expenditure reflects the serious challenges faced by Nigeria and contains key reforms necessary to address them.
Giving a breakdown of the 2024 budget, the President said N9.92 trillion is for non-debt recurrent expenditure, N8.25 trillion for debt service, capital expenditure stands at N8.7 trillion, while the budget deficit is projected at N9.18 trillion.
The President said the 2024 budget deficit will be financed mainly by new borrowings.
Tinubu said the 2024 Budget of Renewed Hope was designed to address critical issues and to grow the country's economy and end its security woes during the next fiscal year.
President of the Senate, Godswill Akpabio, in his opening speech commended President Tinubu administration's development plans for the country, saying that Nigeria never had such audacious plans since the days of the nation’s founding fathers.
The budget is expected to be approved and take effect in January 2024 which is Nigeria’s highest ever, prioritizing fiscal sustainability, economic growth and security.
The 2024 budget is christened Renewed Hope budget.
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