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Nigeria Senate Greenlights N28.77 Trillion Budget: What Nigerians Need to Know

Boom RadioNG | December 30, 2023

Nigeria’s 2024 budget has taken shape, with the Senate passing the N28.77 trillion spending plan after revisions and adjustments. This marks a significant increase from the N27.5 trillion initially proposed by President Bola Tinubu, reflecting inflation, infrastructure needs, and additional requests from government agencies.

President Bola Tinubu Presents 2024 budget of renewed hope

Key Highlights:

  • Total Spending: N28.777 trillion authorized, allocated towards:
    • Statutory Transfers: N1.7 trillion
    • Recurrent Expenditure: N8.76 trillion
    • Capital Expenditure: N9.99 trillion
    • Debt Service: N8.27 trillion
  • Economic Assumptions: GDP growth rate set at 3.88%, crude oil price at $77.96 per barrel, and daily production at 1.78 million barrels.
  • Exchange Rate Rise: National Assembly approves N800/$1 exchange rate, exceeding the N750/$1 initially proposed.
  • Debt Burden: Budget deficit projected at N9.18 trillion, raising concerns about financial sustainability.

 

Nigeria Senate Plenary session 2023 photo credit Tope Brown

Challenges and Opportunities:

The increased budget reflects ambitious plans for infrastructure development and social services. However, the growing debt burden and reliance on oil remain key challenges. Effective implementation and economic diversification will be crucial for maximizing the potential of this spending plan.

Written by Boom RadioNG

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