During the deliberations, some lawmakers expressed concerns about the government’s strategy to generate revenue through heavy taxation, apprehensive about its potential impact on importers. Additionally, there were reservations about the feasibility of achieving the proposed 1.7 million barrels per day crude oil production.

The committees responsible will now have a two-week window to conclude the budget defense process. President Bola Tinubu presented the 2024 budget proposal to lawmakers on Wednesday, urging both arms of the legislative branch to diligently conclude their deliberations on the N27.5 trillion budget estimates.

Addressing a joint session of the National Assembly in Abuja, President Tinubu referred to the budget as the ‘Budget of Renewed Hope.’ He expressed confidence that the National Assembly would collaborate effectively to ensure thorough deliberations while aiming for the Appropriation Act to take effect on January 1, 2024.

The President highlighted that the ‘Budget of Renewed Hope’ aims to achieve macroeconomic stability, poverty reduction, and improved access to social security, among other objectives.