President Bola Tinubu has presented the 2024 Appropriation Bill totaling N27.5 trillion to a joint session of the Senate and the House of Representatives.
The grand unveiling took place in the Chamber of the House of Representatives, with President Tinubu making a memorable entrance followed by the recitation of the National Anthem.
The appropriation bill was christened the “Budget of Renewed Hope.”
Tinubu’s proposal exceeds the initial projection, as outlined in the 2024–2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper, which initially proposed N26.1 trillion as the total expenditure profile for the upcoming fiscal year.
The budget presentation follows weeks of preparation and review, during which the Senate’s Committee on Finance engaged in interactive sessions with heads of various government ministries, departments, and agencies to scrutinize revenue and expenditure projections.
The originally approved Medium-Term Expenditure Framework (MTEF) of N26.1 trillion underwent adjustment, leading to the final proposed budget of N27.5 trillion. With a focus on renewed hope, the budget is expected to address key economic challenges and propel the nation towards sustainable development.
