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President Tinubu set to unveil ambitious 2024 budget, emphasizing fiscal realism

Nigeria anticipates the presentation of the largest budget yet, as President Bola Tinubu prepares to unveil the 2024 Appropriation Bill to the National Assembly, emphasizing fiscal prudence amid ambitious financial goals

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President Bola Tinubu is scheduled to present the 2024 Appropriation Bill to a joint session of the National Assembly during the third week of November 2023, as senior sources within the Presidency confirm. The expected presentation aligns with the administration’s commitment to maintaining the January–December budget implementation cycle.

Sources revealed that the President, slated to attend Germany’s Compact with Africa initiative for investment in Berlin on November 20, will present the budget in the following days upon his return to Abuja. The 2024 budget, described as the most extensive to date, reflects the administration’s aspirations, aiming to finance it through a combination of savings from scrapped petroleum subsidies, tax revenues, and new borrowings.

The Federal Executive Council previously projected N26.01 trillion as expenses for the 2024 fiscal year, approving the Medium-Term Expenditure Framework for 2024–2026 on October 16. The government affirms its commitment to maintaining the January-December budget cycle, emphasizing President Tinubu’s imminent presentation of the 2024 appropriation bill for National Assembly ratification before December 31, 2023.

The Minister of Budget and National Planning, Abubakar Bagudu, outlined the expenditure estimate for the 2024 budget, encompassing statutory transfers, non-debt recurrent expenditures, debt service, and personnel pension costs. The forthcoming budget signals a strategic approach to national financial management, with a focus on realistic fiscal goals and economic sustainability.

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