Tinubu Presents 2024 N27.5 Trillion Budget before the National Assembly

President Bola Tinubu has presented the first appropriation bill of his administration before a joint session of the National Assembly. An estimated N27.5 trillion is to be spent on the 2024 budget bill christened the budget of renewed hope.

Tinubu said the proposed budget was based on the daily production of 1.75 million barrels, with each barrel selling at an average price of $77.96.

Also, the naira is projected to exchange at N750 to a dollar, while the budget deficit is estimated at N9.18 trillion, to be financed with loans totaling N7.83 trillion and N298.4 billion from privatization proceeds, and a N1.05 trillion drawdown from multi-lateral and bi-lateral loans already secured.

The president said n9.92 trillion is voted for non-debt recurrent expenditure and N8.25 trillion for debt service, while capital expenditure takes N8.7 trillion.

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He said the country’s internal security architecture would be overhauled, while the student loan scheme would take off in January 2024.

According to the president, the 2024 budget would set Nigeria on a transformative and sustainable path towards economic growth, job creation, and environmental preservation.

Tinubu urged the National assembly members to fast-track the passage of the budget bill to ensure its successful implementation.

“Our government remains committed to broad-based and shared economic prosperity. We are reviewing social investment programmes to enhance their implementation and effectiveness. In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households. In addition, efforts will be made to graduate existing beneficiaries toward productive activities and employment.

“We are currently reviewing our tax and fiscal policies. Our target is to increase the ratio of revenue to GDP from less than 10 percent currently to 18 percent within the term of this Administration. Government will make efforts to further contain financial leakages through effective implementation of key public financial management reforms,” Mr Tinubu said.