President Bola Tinubu has presented a budget estimate of 27.50 trillion naira before a joint session of the National Assembly.
The President said the estimate is predicated on a crude oil benchmark price of $77.96 per barrel, daily oil production of 1.78 million barrels per day and exchange rate N750 to the US Dollar for the 2024 fiscal year..
He said the N27.50 trillion budget proposed expenditure reflects the serious challenges faced by Nigeria and contains key reforms necessary to address them. Giving a breakdown of the 2024 budget, the President said N9.92 trillion is for non-debt recurrent expenditure, N8.25 trillion for debt service, capital expenditure stands at N8.7 trillion, while the budget deficit is projected at N9.18 trillion.
Tinubu further hinted that the 2024 budget deficit will be financed mainly by new borrowings.
Earlier in his remarks, the President of the Senate, Godswill Akpabio, commended President Tinubu administration’s development plans for the country, saying that Nigeria never had such audacious plans since the days of the nation’s founding fathers.
There are indications that the budget christened ” Renewed Hope Budget will be passed by the National Assembly and take effect from 1st January 2024.
