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Nigeria’s 2024 budget envisages an allocation of 26.01 trillion naira (US$34 billion). The Budget has been worked out on the basis of oil price stabilizing at US$73.96 per barrel, with an exchange rate of 700 naira per dollar.
Nigeria’s 2024 budget envisages an allocation of 26.01 trillion naira (US$34 billion). The Budget has been worked out on the basis of oil price stabilizing at US$73.96 per barrel, with an exchange rate of 700 naira per dollar. This was stated by Budget Minister Atiku Bagudu.
Importantly, the plan also allocates 8.25 trillion naira for debt service and 7.78 trillion naira for salaries and pensions for civil servants as the economy is expected to grow at a rate of 3.76% in the coming year. However, the country is currently grappling with a 20-year high inflation rate of 27.72%. It is anticipated to moderate to 21% in 2024. The country has been facing high inflation-double digit- since 2016.
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President Bola Tinubu faces mounting pressure to address economic challenges. He removed the petrol subsidy, causing fuel prices to triple and the naira to depreciate by more than 50%. Economists believe that the single factor alone is responsible for soaring prices. At the same time many believe that the country will be able to rein in inflation if the country takes fiscal management seriously.
