Speaking during the presentation of the budget proposal in Abuja, Tinubu emphasized the need for a speedy passage to maintain the January-December budget calendar initiated by the previous administration.

The budget includes a non-debt recurrent expenditure of 9.92 trillion naira, debt service of 8.25 trillion naira, and capital expenditure of 8.7 trillion naira. The projected budget deficit is 9.18 trillion naira, lower than the 2023 deficit, to be financed by new borrowings, privatization proceeds, and loans secured for specific development projects.

Tinubu urged the legislative review process to align with the nation’s fiscal calendar and prioritize projects with equitable benefits.

The Senate is set to consider the 2024 budget on Thursday and Friday for first and second readings and adjourn plenary for budget defense with MDAs until December 12.