President Bola Ahmed Tinubu formally presented a budget of N27.5 trillion for the 2024 fiscal year to the joint session of the National Assembly on Wednesday. According to Tinubu his administration is adopting a conservative oil price benchmark of $77.96 per barrel and a daily oil production estimate of 1.78 million barrels per day.
Here are 10 quick facts about the 2024 budget that you must know:
- The budget was prepared based on data from 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
- The budget is based on three economic environmental factors: That global growth is expected at 3 percent in 2024; that the Nigerian economy will remain resilient and grow positively by 3.74 percent; that inflation will be addressed through coordinated fiscal and monetary policies.
- The projected revenue for the 2024 fiscal year would be N11.045 trillion based on the data that the revenue inflow as at September 30 was N8.65 trillion.
- The priorities of the 2024 budgets are : job creation, defence and internal security; human capital development; sustainable funding of tertiary education; renewable energy projects; private sector partnership
- The 2024 Budget is projected to service N8.25 trillion debts, N9.92 trillion non-debt recurrent expenditure; N8.7 trillion capital expenditure, N27.5 trillion aggregate expenditure.
- Inflation is expected to be at 21. 4 percent in 2024
- The budget deficits to be financed by new borrowings, privatisation proceeds, and loans.
- Debt service is 45% of expected total revenue.
- Official Naira to US Dollar exchange rate to be at N750 per US Dollar in 2024.
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