On Wednesday, President Bola Tinubu presented the 2024 appropriation bill to the National Assembly, labeling it the ‘Budget of Renewed Hope.’ This follows the Federal Executive Council’s approval of N27.5 trillion for the 2024 budget on Monday. The government aims for N18.32 trillion in revenue generation to support the budget, resulting in a projected budget deficit of N9.18 trillion. President Tinubu also forecasted an impressive 3.76% economic growth for the fiscal year 2024, with recurrent expenditure set at N9.92 trillion and capital expenditure at N8.7 trillion.
Addressing the National Assembly, President Tinubu outlined plans for a comprehensive overhaul of the internal security architecture to strengthen law enforcement capabilities, ensuring the protection of lives, property, and investments nationwide. The proposed budget prioritizes human capital development, with a specific focus on school children.
In his speech, President Tinubu highlighted key economic projections, anticipating a 3.76% growth, inflation moderation to 21.4% in 2024, and a commitment to a greener future. The budget emphasizes public-private partnerships, strategically allocating resources for big-ticket infrastructure projects in energy, transportation, and other sectors. This aims to diversify the energy mix, enhance efficiency, and promote renewable energy sources. President Tinubu also emphasized the importance of showcasing Nigeria’s progress in creating an enabling environment for sustainable energy projects at the upcoming COP28 climate summit.
President Tinubu revealed a conservative oil price benchmark of $77.96 per barrel and a daily production estimate of 1.78mb/d. The Naira to U.S. Dollar exchange rate for 2024 is set at N750. The President is set to attend the COP28 Climate Summit in Dubai later today, where he aims to secure substantial funding commitments for Nigeria’s energy transition.
Providing a breakdown of the 2024 Appropriation Bill, President Tinubu outlined an aggregate expenditure of N27.5 trillion for the Federal Government. The non-debt recurrent expenditure is N9.92 trillion, debt service is projected at N8.25 trillion, and capital expenditure is N8.7 trillion. The budget deficit is projected at N9.18 trillion or 3.88% of GDP, lower than the 2023 deficit of N13.78 trillion. The deficit will be financed by new borrowings totaling N7.83 trillion, N298.49 billion from privatization proceeds, and N1.05 trillion from multilateral and bilateral loans for specific development projects.
InfoStride News, reported these developments, offering comprehensive insights into President Tinubu’s 2024 budget proposal and the government’s economic priorities.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate