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

 

The President intends to present the document to lawmakers during the week beginning November 20, 2023, among other goals, to maintain the budget implementation cycle from January to December, according to trustworthy sources within the Presidency who confirmed this information to The PUNCH correspondent.

It would require three weeks at this point. The President is scheduled to travel to Berlin as part of Germany’s investment initiative, Compact with Africa.

“It is a continuation of the German Chancellor’s visit to Nigeria last week. He has also invited the President to attend.

“It’s a one-day event on Monday, November 20, and he’ll be back in Abuja the next day. As a result, we expect him to propose the budget any time from then,”  the source noted.

Another source, who verified this, stated that the 2024 appropriation, which is the highest so far, indicates the administration’s plans to finance the budget through a combination of savings from the fuel subsidy, which was phased out in late May.

“He (President Tinubu) will make the presentation around the same time. This budget is much greater than the others.

“It is ambitious but realistic, and we hope to accommodate it through subsidy savings, tax revenue, and new borrowings,” he affirmed.

President Tinubu, who is scheduled to travel to Saudi Arabia on Thursday, will attend the compact event in Germany later this month.

On October 16, the Federal Executive Council anticipated N26.01 trillion in spending for the fiscal year 2024.

This comes as the Medium-Term Expenditure Framework for 2024-2026 was adopted.