President Bola Tinubu announced plans to present the 2024 Supplementary Budget to the National Assembly (NASS) soon.
Addressing a joint sitting of the National Assembly on Wednesday, Tinubu said, “I submitted the last budget to you. You expeditiously passed it. We are walking the talk. I will soon bring the Year 2024 (Supplementary) Appropriation Bill. That is just for your information.”
Senate President Godswill Akpabio responded, “Thank you, Mr. President, we will be expecting the Supplementary Appropriation Bill of 2024 as soon as possible.”
On January 1, 2024, Tinubu had assented to the ₦28.7 trillion 2024 Appropriation Bill passed by the Senate. This budget was ₦1.2 trillion higher than the originally proposed budget presented on November 29, 2023.
The 2024 ‘Budget of Renewed Hope’ was based on an oil price of $77.96 per barrel with a daily oil production estimate of 1.78 million barrels per day.
The President had pegged the naira at ₦750/$1, but within weeks, the currency’s value dropped to nearly ₦2,000/$1 in February. Currently, the naira exchanges at around ₦1500/$1.