The Senate has revealed that the joint session of the National Assembly will receive the proposed N26.1trillion 2024 budget estimates from President Bola Ahmed Tinubu early next month.
While speaking to newsmen on Wednesday, the Chairman, Senate Committee on Appropriation, Senator Solomon Olamilekan Adeola mentioned it that President Tinubu would forward 2024 – 2026 Medium Term Expenditure Framework ( MTEF) and Fiscal Strategy Paper to both chambers of the National Assembly next week for proper scrutiny and approval.
Adeola disclosed while reacting questions from newsmen after inaugural meeting of the committee, that the executive in the proposed budget should come up with 55% allocations for capital expenditure as against 25 to 30% it has in previous budgets.
He stated further that the appropriation committee under him, would not entertain any approval for corrigendum after budget consideration and passage .
In his statement he said: “Information at our disposal indicate that President Bola Tinubu would present 2024 budget proposals to joint session of the National Assembly early next month.
“Ahead of that presentation, Mr President would forward to both chambers of the National Assembly, MTEF and FSP papers next week for thorough scrutiny and possible passage.
“In the light of the presentations, Senate Committee on Appropriations will have before it on Wednesday next week , Ministers of Finance , Budget and Economic Planning for explanations on planned projections as regards what percentage is going for what and what components of the budget .
“The new administration has a new mantra that encapsulates its vision and there must be challenges. We will do a thorough job on the budget. Our job is to verify the budget to meet the expectations of the people. We will look into it thoroughly.
“We are expecting the MTEF next week and immediately we receive the document, the Committee on Finance will go into work and look into it.
“I assure you that we won’t break the tradition, we will have the budget as at when due. We will keep to the tradition of January to December budget cycle.”
