10 important facts to note about President Tinubu’s 2024 proposed ‘Budget of Renewed Hope’
President Bola Tinubu presented a budget tagged, budget of Renewed Hope to the National Assembly on Wednesday, November 29.
The budget estimate of N27.5 trillion to a joint session of the National Assembly for the 2024 fiscal year, with a projected deficit of N9.18 trillion.
Here’s what you need to know about the budget:
- The total expenditure of the budget is N27.5 Trillion Naira
- The non-debt recurrent expenditure is N9.92 trillion naira
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The debt service is projected to be N8.25 trillion naira
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Capital expenditure is N8.7 trillion naira
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Projected debt service is 45% of the expected total revenue.
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Budget deficit is projected at N9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023 which represents 6.11 percent of GDP.
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The deficit will be financed by new borrowings totaling N7.83 trillion, N298.49 billion from Privatization Proceeds and N1.05 trillion naira drawdown on multilateral and bilateral loans
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The budget adopts a conservative oil price benchmark of 77.96 US Dollars per barrel and a Daily oil production estimate of N1.78 million barrels per day.
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It also adopts a Naira to US Dollar exchange rate of 750 naira per US Dollar for 2024.
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The president is hoping the budget comes into effect on the 1st of January 2024
