President Bola Tinubu is set to present the 2024 Appropriation Bill to a joint session of the National Assembly during the third week of November 2023, as disclosed by senior sources in the Presidency.
They have confirmed that the President will present the budget to lawmakers in the week starting November 20, 2023, aiming to uphold the January-December budget implementation schedule, among other objectives.
“It would be three weeks away. The President is expected to be in Berlin for Germany’s Compact-with-Africa initiative for investment.
“It is a continuation of the visit of the German Chancellor to Nigeria last week. And he has invited the President to be there.
“It’s a one-day event holding on Monday, November 20 and he is expected back in Abuja the next day. So, we expect him to present the budget any day from that time,” a source said.
President Tinubu is scheduled to depart for Saudi Arabia later this week and will be attending an event in Germany later in the month.
On October 16, the Federal Executive Council projected expenses of N26.01tn for the 2024 fiscal year and approved the Medium-Term Expenditure Framework for 2024-2026.
The federal government has reaffirmed its commitment to maintaining the January-December budget implementation cycle and stated that the President will present the 2024 appropriation bill to the National Assembly to ensure its approval before December 31, 2023.
“The aggregate expenditure is estimated at N26.01tn for the 2024 budget, which includes statutory transfers of N1.3tn non-debt recurrent expenditure of N10.26tn. Debt service is estimated at N8.25tn, as well as N7.78tn being provided for personnel pension cost,” the Minister of Budget and National Planning, Abubakar Bagudu, explained.
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