…… Sets Parameters for 2024 Budget
In a session held on Wednesday, November 22, the Senate successfully passed the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).
The legislative action followed a meticulous consideration and subsequent adoption of the ad-hoc committee’s report, specially constituted for this purpose.
The green light given to the MTEF/FSP was a result of the Senate Joint Committees on Finance, Appropriations, National Planning and Economic Affairs, as well as Local and Foreign Debts, endorsing the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).
Senator Sani Musa (APC-Niger East), serving as the Chairman of the Senate Committee on Finance and also presiding over the Joint Committee, presented the comprehensive report.
Within the report, the Senate granted approval to the executive’s proposals for the 2024 budget. The approved parameters include an aggregate expenditure of N26 trillion for 2024, comprising N10.2 trillion for Recurrent Expenditure, N16.9 trillion in Revenue, N9 trillion for Budget Deficit, N7.8 trillion allocated for Borrowings, and Statutory Transfers amounting to N1.3 trillion.
Further details in the approved 2024 budget encompass N8.2 trillion earmarked for Debt Service, N243.6 billion allocated to the Sinking Fund, and N1.27 trillion designated for Pension and gratuities.