THE 2024 BUDGET WILL BE REVEALED BY TINUBU BY THE THIRD WEEK OF NOVEMBER

Babatunji Wusu –

In the third week of November 2023, President Bola Tinubu is scheduled to present the 2024 Appropriations Bill to the National Assembly at a joint session.

According to trustworthy sources in the White House, who confirmed this information, the President intends to deliver the document to Congress the week of November 20, 2023, with the goal of maintaining the January–December budget implementation cycle, among other things.

It would take place in three weeks. It is anticipated that the President will be in Berlin for Germany’s investment project, Compact-with-Africa.

It’s an extension of the German Chancellor’s trip to Nigeria last week. The President has also been invited by him to attend.

“On Monday, November 20, the event is scheduled for one day, and he is anticipated to return to Abuja the following day.” As a result, we anticipate that he will deliver the budget on any given day,” the insider stated.

This was corroborated by another source, who claimed that the administration’s goal to fund the budget with a combination of savings from the petroleum subsidy—which was eliminated in late May—is reflected in the 2024 appropriation, the biggest to date.

Around that same time, President Tinubu will make the presentation. Comparing this budget to the others, it is noticeably bigger. It is both reasonable and ambitious, and we want to finance it with more borrowing, tax income, and savings from subsidies, the source stated.

Later this month, President Tinubu—who leaves for Saudi Arabia on Thursday—will be in Germany for the same event.

On October 16, the Federal Executive Council estimated that N26.01 trillion would be spent in the fiscal year 2024.

In doing so, it approved the 2024–2026 Medium-Term Expenditure Framework.

The FG stated that in order to achieve ratification of the 2024 appropriation bill by December 31, 2023, the President would shortly bring it to the National Assembly. The FG confirmed that the administration would continue to implement the budget from January to December.