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.
Please direct any inquiries to the Barcelona Editors.
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