Nigeria 2024 Budget: N27.5tn
Government Increases Budget to Meet Economic Realities
The Federal Government has raised the 2024 budget proposal from N26 trillion to N27.5 trillion in order to address the current economic situation. This decision was made during a meeting of the Federal Executive Council, presided over by President Bola Tinubu.
Changes in Exchange Rate and Oil Benchmark
The Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP) have also been revised. The exchange rate has been adjusted from N700 per dollar to N750 per dollar, and the oil benchmark has been increased from $73 per barrel to $77 per barrel.
More Details to Come
The Minister of Budget and Economic Planning, Atiku Bagudu, announced that further details of the budget will be released when the president presents it to the National Assembly. The MTEF and fiscal policy frameworks have already been passed by the National Assembly and were also reviewed.
Increased Revenue and Lower Deficit
The forecasted revenue for 2024 is estimated to be N18.2 trillion, which is higher than the revenue for 2023. The deficit for 2024 is also lower than that of 2023.
Budget Support Loan Approved
The Federal Executive Council has approved a $1 billion budget support loan from the African Development Bank (AfDB). This loan will provide additional financial assistance to the government.
Tinubu to Address National Assembly
President Bola Tinubu is scheduled to present the 2024 budget to a joint session of the National Assembly. This announcement was confirmed by the Secretary, Research and Information, in the National Assembly, Dr. Ali Barde Umoru.
Restricted Access and Heightened Security
Due to space constraints and security concerns, the number of people allowed into the National Assembly complex on the day of the budget presentation will be limited. This is to ensure the safety of everyone present.
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