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.