2024 BUDGET: Tinubu present 2024 budget N27.5trn, for NASS approval
PRESIDENT Bola Tinubu, yesterday, presented the N27.5 trillion 2024 Appropriation Bill to a joint session of the Senate and House of Representatives.
He announced his administration’s resolve to adopt the “revised 2024-2026 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, as parameters for the budget, stressing his government’s plan to grow the economy by a minimum of 3.76 percent, above the world average forecast, next year.
The budget is tagged Renewed Hope and internal security architecture would be overhauled to enhance law enforcement capabilities, with a view to safeguarding lives, property, and investments across the country.
President Tinubu arrived at the Chamber of the House of Representatives at 11.13am, started the presentation at 11.40am, and ended it at 12.05.
Tinubu said the government has adopted an oil price benchmark of 77.96 US Dollars per barrel and daily oil production of 1.78 million barrels.
He said the government had also adopted an exchange rate of N750 per US Dollar for 2024, with non-debt recurrent expenditure put at N9.92 trillion, while debt service is projected to be N8.25 trillion and capital expenditure pegged at N8.7 trillion.
The President, who noted that Nigeria remained committed to meeting its debt obligations, said there was a projected debt service of 45% from the expected total revenue, adding that the budget deficit was projected at N9.18 trillion in 2024 or 3.88 percent of Gross Domestic Product, GDP. This is lower than the N13.78 trillion deficit recorded in 2023, representing 6.11 per cent of GDP.
Recurrent expenditure is put at N9.92 trillion, while capital is N8.7 trillion.
According to him, the deficit will be financed by N7.83 trillion new borrowings; N298.49 billion from privatization proceeds; and N1.05 trillion draw-down on multilateral and bilateral loans secured for specific development projects.
We expect the economy to grow by a minimum of 3.76 per cent, above the forecasted world average. Inflation is expected to moderate to 21.4 per cent in 2024.
