2024 budget made simple and clear in just 265 words as a part of Platforms Africa “Explainer” series
The Nigeria’s Federal Executive Council (FEC) on Monday, October 16, proposed N26.01 trillion for the 2024 fiscal year for submission to the National Assembly.
This is according to the Minister of Budget and Planning Atiku Bagudu who spoke after the Council meeting presided over by President Bola Tinubu.
Platforms Africa presents nine key points in the budget.
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1. A total of N26.01 trillion is the budget for the 2024 fiscal year
2. The FEC pegged the price of crude oil at $73.96 per barrel.
3. Benchmark for oil production is 1.78 million barrels per day.
4. The peg for the exchange rate is N700 to a dollar.
5. inflation rate in the proposed budget is 21 percent
6. GDP growth rate of 3.76 percent.
7. The aggregate expenditure is estimated at N26.01 trillion for the 2024 budget which includes statutory transfers of N1.3 trillion, nondebt recurrent expenditure of N10.26 trillion, debt service estimated at N8.25 trillion as well as N7.78 trillion being provided for personnel and pension cost.
8. Debt service increased because N22.7 trillion ‘ways and means’ was securitised meaning it became a Federal Government debt at nine percent.
9. The government wants the budhet passed by the National Assembly and signed by the President before Year end
Platforms Africa
