TheCable

President Bola Tinubu has presented the sum of N27 trillion as proposed budget for 2024 before the national assembly.

Tinubu presented the appropriation bill before the joint sitting of the senate and house of representatives on Wednesday.

The president said the budget will cement macroeconomic stability, reduce the deficit, and increase capital spending and allocation to reflect the eight priority areas of this administration.

On Monday, the federal executive council (FEC) approved N27 trillion proposed for the 2024 budget.

The president walked into the chamber at exactly 11:09 am on Wednesday.

The president is expected to present the budget before the joint session of the national assembly at the temporary chamber of the house of representatives.

Senate President Godswill Akpabio, Tajudeen Abbas, speaker of the house of representatives; and members of both chambers were seated before the president entered the chamber.

The lawmakers all rose to welcome the president and Kashim Shettima, the vice-president, into the chamber.

Last week, the senate and the house of representatives approved the 2024-2026 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) — parameters on which the 2024 budget will be framed.

The lawmakers approved $73.96, $73.76 and $69.90 per barrel as benchmark oil prices for daily crude oil production of 1.78 million barrels, 1.80 million barrels, and 1.81 million barrels, for 2024, 2025, and 2026 respectively.

Also, the parliament approved an exchange rate of N700/$, N665.61/$ and N669.79/$, proposed by the federal government for the period of 2024–2026.