Tinubu’s N27.5 Trillion Budget, The National Assembly (NASS) is currently reviewing President Bola Ahmed Tinubu’s proposed “Budget of Renewed Hope,” worth N27.5 trillion. This was reported by Leadership newspaper, which stated that the goal is to approve the budget by December 19, 2023. The Senate has already begun discussing the proposed budget after its first reading, with the House of Representatives also reviewing it promptly.
During the Senate session, the Senate Leader, Bamidele Opeyemi, provided insights into the proposed budget. He highlighted the budget’s essential principles, including an oil price benchmark of $77.96 per barrel and an estimated oil production of 1.78 million barrels per day. Opeyemi expressed concern about the recurrent expenditure, which accounts for over 43% of the budget. He also noted a projected deficit of N9.8 trillion, which surpasses the three percent GDP threshold stipulated by the Fiscal Responsibility Act, 2007.
To address the deficit, Opeyemi outlined financing plans, including new borrowings, privatization proceeds, and loans secured for specific development projects and programs. He defended the borrowing strategy, citing that it would be used for critical development projects to enhance economic conditions and public service delivery.
During the House of Representative discussions, the focus was on the budget’s intent to address economic challenges, defence, security, and capital projects. Representatives praised the allocation for security, recognizing its pivotal role in fostering economic growth. They also highlighted the budget’s intent to diversify the economy and address unemployment.
Overall, Tinubu’s proposed budget has received commendation from many Senators and Representatives, who view it as a beacon of hope. However, there is an urgent need to pass the budget quickly to start implementation, as time is running out for its approval.
