President Bola Tinubu unveiled the 2024 Appropriation Bill totaling N27.5 trillion to the joint session of the Senate and House of Representatives. Emphasizing the adoption of the revised 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), he outlined plans to steer the economy towards a growth target of at least 3.76 percent, surpassing the global average forecast for the coming year.
Dubbed the ‘Budget of Renewed Hope,’ the proposed budget prioritizes areas such as internal security enhancement, job creation, economic stability, optimal investment climate, human capital development, poverty alleviation, and social security. President Tinubu urged lawmakers to consider Nigerian interests while evaluating the budget’s proposals, highlighting the nation’s commitment to commence a student loan scheme in January 2024, focusing on enhancing human capital development, especially among children.
After a comprehensive review of global oil market trends and domestic conditions, Tinubu revealed key budgetary parameters, including an oil price benchmark of $77.96 per barrel and a daily oil production estimate of 1.78 million barrels. The exchange rate was set at N750 per US Dollar for 2024, with non-debt recurrent expenditure projected at N9.92 trillion, debt service at N8.25 trillion, and capital expenditure earmarked at N8.7 trillion.
While emphasizing Nigeria’s commitment to meeting debt obligations, Tinubu highlighted a projected debt service of 45% from total expected revenue. The budget deficit for 2024 was estimated at N9.18 trillion, amounting to 3.88 percent of Gross Domestic Product (GDP), reflecting a decrease from the 2023 deficit of N13.78 trillion, representing 6.11 per cent of GDP.