President Bola Tinubu will present the 2024 Appropriation Bill of N26.01trn to a joint session of the National Assembly in the third week of November, sources within the presidency have confirmed.

The presentation is expected to take place during the week starting November 20, 2023, but may be delayed slightly due to President Tinubu’s attendance at Germany’s Compact-with-Africa initiative in Berlin on Monday, November 20.

“It would be three weeks away. The President is expected to be in Berlin for Germany’s Compact-with-Africa initiative for investment.

“It is a continuation of the visit of the German Chancellor to Nigeria last week. And he has invited the President to be there.

“It’s a one-day event holding on Monday, November 20 and he is expected back in Abuja the next day. So, we expect him to present the budget any day from that time,” a source noted.

The 2024 budget is the largest so far and reflects the administration’s ambitious plans. It will be financed through a combination of petroleum subsidy savings, tax revenues, and new borrowings.

The Federal Executive Council has already approved the Medium-Term Expenditure Framework for 2024 – 2026, affirming the government’s commitment to maintaining the January-December budget implementation cycle. The goal is to have the 2024 appropriation bill ratified by the National Assembly before December 31, 2023.

According to the Minister of Budget and National Planning, Abubakar Bagudu, the estimated aggregate expenditure for the 2024 budget includes N1.3tn in statutory transfers, N10.26tn in non-debt recurrent expenditure, N8.25tn in debt service, and N7.78tn allocated for personnel pension cost.