At the Senate yesterday, the bill was given speedy consideration as its submission to the legislature by President Bola Ahmed Tinubu on Wednesday was considered the first reading.

The Senate promptly engaged in the debate for the second reading after President Bola Ahmed Tinubu submitted the bill on November 29, 2023.

 Senate Leader Bamidele Opeyemi highlighted key aspects, including a $77.96 per barrel oil price benchmark, 1.78 million barrels per day oil production estimate, and N750 to the dollar exchange rate.

The budget focuses on fiscal assumptions, with total federally-collectible revenue estimated at N16.87 trillion, distributable revenue at N11.09 trillion, and total revenue for the federal budget at N9.73 trillion. Statutory transfers are pegged at N744.11 billion, while non-debt recurrent costs, personnel costs, and capital expenditure stand at N10.26 trillion, N4.99 trillion, and N8.7 trillion, respectively.

The proposal aims to address a deficit of N9.8 trillion, financed by new borrowings of N7.83 trillion, privatization proceeds of N294.49 billion, and N1.06 trillion from bilateral and multilateral loans.

Some senators express concerns about continued borrowing but acknowledge the need for financing critical development projects.

The House of Representatives also commences debate on the budget, emphasizing its potential to address national needs.