- During his appearance on Monday, the Senate emphasized the need for the finance minister to eliminate obstacles causing delays in implementing the budget once it is passed
Wale Edun, the Minister of Finance and Coordinating Minister of Economy, said that the Federal Government might seek additional appropriations from the National Assembly for the 2024 budget if the country records a solid revenue performance next year.
Edun affirmed that the Federal Government will rely on savings to boost availability of funds to finance the 2024 budget, while also indicating that the Federal Government might consider a budget increase.
During his appearance on Monday, the Senate emphasized the need for the finance minister to eliminate obstacles causing delays in implementing the budget once it is passed.
Sani Musa, Chairman of the Senate Committee, also expressed concerns over the government’s inability to hasten implementation of the 2023 supplementary budget.
Recall that President Bola Tinubu presented his maiden budget estimates of N27.5trn for the year 2024 to the National Assembly on November 29, 2023.
Giving a breakdown of the budget estimates, the President fixed recurrent non-debit expenditure at N9.92trn, capital expenditure at N8.73trn, debt service at N8.25trn, revenue at N18.32trn, new borrowings at N7.83trn and deficit at N9.18trn.
According to the President, the economy is expected to grow by 3.76%, while “inflation is expected to moderate to 21.4 percent in 2024”.
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