President Bola Tinubu shall on Wednesday lay before the National Assembly the 2024 budget.
A notice by Birma Shuaibu Maina, Secretary, Human Resources and Staff Development in the office of the Clerk of the National Assembly said 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.
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The National Assembly also approved the new borrowings of N7.8tn, 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 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 N9.04tn.
The report added, “FGN recommended spending N26tn with N16.9tn as retained revenue.
“N9tn budget deficit (including GOEs), N7.8tn in new borrowings (including borrowing from foreign and domestic sources).
“N1.3tn worth of statutory transfers, an estimated N8.2tn in debt service, N234.6bn in the sinking fund, N1.27tn in pension, gratuity and retiree benefits.
“Total recurrent (non-debt) of N10.2tn and N4.49tn 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 N9tn (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 N7.8tn 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.
