Wale Edun, the Minister of Finance and Coordinating Minister of Economy, suggests that the Federal Government may request extra revenue from the National Assembly for the 2024 budget.
Edun confirmed the Federal Government will use savings to fund the 2024 budget and may consider a budget increase during a Senate Committee on Finance appearance.
The Senate urged the finance minister to address the bottlenecks in budget implementation delays upon passing. Sani Musa, Senate Committee Chairman, expressed concerns over government’s slow implementation of the 2023 supplementary budget.
On November 29, 2023, President Bola Tinubu presented his first budget estimates of N27.5 trillion for 2024 to the National Assembly.
The President has set budget estimates for recurrent non-debit expenditure at N9.92trn, capital expenditure N8.73trn, debt service N8.25trn, revenue N18.32trn, new borrowings N7.83trn, and deficit N9.92trn.
The President predicts a 3.76% economic growth and a moderate inflation rate of 21.4% in 2024.