President Bola Tinubu is set to present before the National Assembly, the 2024 budget on Wednesday
Birma Shuaibu Maina, Secretary, Human Resources and Staff Development in the office of the Clerk of the National Assembly, in a notice on Monday stated that the presentation shall take place before a joint session of the Senate and House of Representatives.
Recall that the Senate and House of Representatives approved the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) following considerations by the Joint Committees on Finance, Appropriations, National Planning & Economic Affairs and Local & Foreign Debts.
The National Assembly also approved the new borrowings of N7.8trillion, pegged the benchmark oil price for 2024 at $73.96 and oil production volume per day at 1.78 million barrels.
Other parameters approved were a Gross Domestic Product (GDP) growth rate of 3.76 per cent, an inflation rate of 21.40 per cent, a suggested benchmark exchange rate of N700 to $1 and a projected budget deficit of N9.04trillion.
The report added, “FGN recommended spending N26trillionn with N16.9trillion as retained revenue.
“N9trillion budget deficit (including GOEs), N7.8trillion in new borrowings (including borrowing from foreign and domestic sources).
“N1.3trillion worth of statutory transfers, an estimated N8.2trillion in debt service, N234.6billion in the sinking fund, N1.27trillion in pension, gratuity and retiree benefits.
“Total recurrent (non-debt) of N10.2trillion and N4.49trillion as capital expenditure.”
“That the Federal Government’s target-setting approach and its determination to enhance the major revenue-generating agencies’ collection efficiency will support the fiscal deficit estimate of N9trillion (including GOEs) is noted and hereby approved.
“That the Federal Government should continue to enforce the implementation of the Performance Management Framework for GOEs by ensuring that they operate in a more fiscally responsible manner while reviewing their operational efficiencies and declared costs-to-income ratios;
“That the N7.8trillion in new borrowings (both domestic and foreign) be supported as well, given the country’s current effective debt management strategy, which has moderated borrowing costs and decreased the amount of short-term debt in the portfolio and refinancing risk.
“That the National Assembly begin the process of amending the Fiscal Responsibility Act (FRA, 2007) to enhance the agencies’ ability to enforce fiscal responsibility and impose sanctions on erring Corporations.
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