The Finance Minister and Coordinating Minister of Economy, Wale Edun, indicates that the Federal Government might seek additional appropriations from the National Assembly for the 2024 budget if revenue performance is robust.
Edun states this during his appearance before the Senate Committee on Finance to defend his ministry’s budget on Monday.
He affirms the government’s reliance on savings to enhance funding for the 2024 budget while hinting at the possibility of considering a budget increase.
During the Monday session, the Senate urges the finance minister to address bottlenecks causing delays in budget implementation.
Chairman of the Senate Committee, Sani Musa, expresses concerns about the government’s inability to expedite the implementation of the 2023 supplementary budget.
On November 29, 2023, President Bola Tinubu presented the maiden budget estimates of N27.5 trillion for the year 2024 to the National Assembly.
The budget breakdown includes recurrent non-debt expenditure at N9.92 trillion, capital expenditure at N8.73 trillion, debt service at N8.25 trillion, revenue at N18.32 trillion, new borrowings at N7.83 trillion, and a deficit at N9.18 trillion.
The President projects a 3.76% economic growth, with inflation expected to moderate to 21.4% in 2024.
