President Bola Tinubu, on Wednesday, urged the National Assembly to speedily consider and approve the 2024 budget of N27.5 trillion in 30 days.
Tinubu while addressing a joint session of the National Assembly on the 2024 budget proposal on Wednesday in Abuja, said the speedy passage of the fiscal estimates was to sustain the January-December budget calendar, started by the last administration.
The budget has an aggregate expenditure of 27.5 trillion naira, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira.
Budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the N13.78 trillion deficit recorded in 2023 which represents 6.11 percent of GDP.
The President said the deficit will be financed by new borrowings totalling 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds and 1.05 trillion naira drawdown on multilateral and bilateral loans secured for specific development projects.
He told the lawmakers, “As you consider the 2024 budget estimates, we trust that the legislative review process will be conducted with a view to sustaining our desired return to a predictable January-December fiscal year.
“I have no doubt that you will be guided by the interest of all Nigerians. We must ensure that only projects and programmes with equitable benefits are allowed into the 2024 budget.
“Additionally, only projects and programmes which are in line with the sectoral mandates of MDAs and which are capable of realizing the vision of our Government should be included in the budget.”
The Senate said it will, on Thursday and Friday, consider the 2024 budget for first and second readings and then adjourn plenary till December 12 for budget defence with MDAs.