President Bola Tinubu will present the 2024 Appropriation Bill to a joint session of the National Assembly in the third week of November 2023.
According to The PUNCH, sources within the presidency confirmed that the presentation will take place during the week starting November 20, 2023.
However, the President’s attendance at Germany’s Compact-with-Africa initiative in Berlin is expected to cause a slight delay.
“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.
During the one-day event in Berlin on Monday, November 20, the President will join the discussion on investment. He is expected to return to Abuja the following day. Thus, the budget presentation is anticipated to take place shortly after his return.
An additional source noted that the 2024 budget, which is the largest so far, reflects the administration’s ambitious plans to finance it through a combination of petroleum subsidy savings, tax revenues, and new borrowings.
Before departing for Saudi Arabia and later Germany, President Tinubu plans to present the budget, which has been projected to reach N26.01tn in expenses for the upcoming fiscal year.
The Federal Executive Council approved the Medium-Term Expenditure Framework for 2024 – 2026, affirming the government’s commitment to maintaining the January-December budget implementation cycle. The goal is to have the 2024 appropriation bill ratified by the National Assembly before December 31, 2023.
According to the Minister of Budget and National Planning, Abubakar Bagudu, the estimated aggregate expenditure for the 2024 budget includes N1.3tn in statutory transfers, N10.26tn in non-debt recurrent expenditure, N8.25tn in debt service, and N7.78tn allocated for personnel pension cost.
