Nigeria Set to Unveil N27.5 Trillion Budget for 2024


Nigeria Set to Unveil N27.5 Trillion Budget for 2024

President Bola Tinubu is slated to present Nigeria's 2024 budget to the National Assembly on Wednesday, November 29, 2023.

The announcement came through a memo dated November 27, 2023.

Signed by Shuaibu Maina Birma, the Secretary of Human Resources and Staff Development for the federal legislature.

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The Federal Executive Council has already given its nod to the 2024 budget, approving a substantial sum of N27.5 trillion.

This decision followed a comprehensive review of the Medium-Term Expenditure Framework (MTEF) previously passed by the National Assembly.

Noteworthy adjustments were made to the MTEF, including a revised exchange rate of N750 to $1 and a benchmark crude oil reference price of $77.96 per barrel.

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Speaking after the Federal Executive Council meeting at the Presidential Villa, Minister of Budget and Economic Planning, Abubakar Bagudu.

Shared insights into the approved budget. The Appropriation Bill for 2024 reflects an aggregate expenditure of N27.5 trillion.

Indicating an increase of over N1.5 trillion from earlier estimates. Bagudu highlighted that despite these adjustments.

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The forecasted revenue stands at an impressive N18.2 trillion, surpassing the 2023 revenue, including allocations from two supplementary budgets.

Notably, the new budget reflects a calculated approach, with a lower deficit compared to the previous year.

This signals positive fiscal management and strategic planning for the nation's economic growth.

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As Nigeria gears up for the unveiling of the 2024 budget, the proposed figures and amendments made by the Federal Executive Council.

Will undoubtedly be under scrutiny. The exchange rate adjustment and the revised crude oil price.

Serve as critical factors that could influence the economic landscape in the coming year.

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