The N27.5 trillion 2024 budget projections will be presented by President Bola Ahmed Tinubu before a joint session of the National Assembly (NASS) on Wednesday.

Since taking office on May 29, 2023, this is the first time the President has presented a budget to lawmakers.

The President’s request to bring the budget before a joint session of the Senate and the House of Representatives was approved by the upper chamber on Tuesday.

In a letter dated November 27, 2023, Ali Umoru, the Secretary of Research and Information at NASS, also declared that the President will address the parliament today.

Following an increase in the benchmark oil price and a decrease in the value of the naira, the budget was reviewed upward on Monday, going from N1.5 trillion to N27.5 trillion.

The Minister of Budget and Economic Planning, Abubakar Bagudu, told reporters at the State House on Monday that the Federal Executive Council (FEC) revised the MTEF and the Fiscal Policy to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96 per barrel.

He noted that the FEC also approved an Appropriation Bill for 2024 with an aggregate expenditure of N27.5 trillion, an increase of over N1.5 trillion from the previously estimated.

The budget appropriation of N27.5 trillion is 26% higher than the 2023 budget presented by ex-President Muhammadu Buhari in 2022.