IBADAN, Nigeria - Nigerian President Bola Ahmed Tinubu has officially signed the country's 2024 budget into law, totaling 28.7 trillion Nigerian naira ($31.9 billion).

Budget Increase Reflecting Additional Funding Requests

The approved budget amount has increased by NGN1.2 trillion from the initial estimates presented by Tinubu, which amounted to NGN27.5 trillion. This increase is a result of additional funding requests.

Joint Session Approval

The budget was passed in a joint session of the Senate and the House of Representatives on Saturday, signifying a collective agreement.

Key Estimates in the Budget

According to Ajuri Ngelale, special adviser on media and publicity to the president, the budget comprises various key estimates, including:

  • Capital Expenditure: NGN10 trillion
  • Recurrent Expenditure: NGN8.8 trillion
  • Debt Service: NGN8.2 trillion
  • Statutory Transfers: NGN1.7 trillion

Assumptions Made by Tinubu

During the presentation of the budget, Tinubu made several assumptions, including:

  • Oil Production Estimates: 1.78 million barrels per day
  • Oil Price Benchmark: $77.96 per barrel for 2024
  • Inflation Rate: 21% compared to 27.3% in October 2023

Previous Budget Amount

Notably, Nigeria's 2023 budget amounted to NGN24.82 trillion.

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