FG Achieves N8.65 Trillion Revenue in 9 Months, Aims for N18 Trillion in 2024

President Bola Tinubu revealed that the Federal Government generated N8.65 trillion in revenue from January to September 2023, as he presented a N27.5 trillion budget for 2024 to the National Assembly.

Tinubu stated that the projected revenue for the 2023 budget of N24.82 trillion was 11.045 trillion, with a deficit of approximately 6.1 percent of GDP. By the end of September, the actual revenue reached 96 percent of the targeted N8.28 trillion, totaling N8.65 trillion.

For the 2024 budget, the government aims to generate N18.32 trillion in revenue, with a deficit of N9.18 trillion, equivalent to 3.88 percent of GDP. The president emphasized the budget’s focus on national defense, internal security, job creation, and macro-economic stability.

The budget breakdown includes N9.92 trillion for non-debt recurrent expenditure, N8.7 trillion for capital expenditure, and N8.25 trillion for debt service. The total proposed expenditure is N27.5 trillion, with the deficit to be financed through new borrowings of N7.83 trillion, N298.49 billion from privatization proceeds, and N1.05 trillion from multilateral and bilateral loans earmarked for specific development projects.

President Tinubu assured a commitment to meeting debt obligations, with projected debt service at 45 percent of the expected total revenue. The 2024 budget’s deficit is lower than the N13.78 trillion recorded in 2023, which represented 6.11 percent of GDP.

To prioritize various aspects, Tinubu highlighted the budget’s emphasis on optimizing the investment environment, human capital development, poverty reduction, and social security.

In summary, the key statistics for the 2024 budget are as follows:

– Total Expenditure: N27.5 trillion
– Non-debt Recurrent Expenditure: N9.92 trillion
– Capital Expenditure: N8.7 trillion
– Debt Service: N8.25 trillion
– Total Revenue: N18.32 trillion
– Budget Deficit: N9.18 trillion
– New Borrowings: N7.83 trillion
– Privatization Proceeds: N298.49 billion
– Drawdown on Multilateral and Bilateral Loans: N1.05 trillion