Tinubu presents 2024 Budget proposal of N27.5trn to Joint Session of National Assembly

President Bola Tinubu on Wednesday presented 2024 budget proposal of N27.5 trillion to the Joint Session of the 10th National Assembly for approval.

The Budget contains:-

* Non-debt recurrent expenditure is N9.92 trillion

* Debt service projected to be N8.25 trillion

* Capital expenditure N8.7 trillion

* Adopted a conservative oil price benchmark of 77.96 US Dollars per barrel

* Daily oil production estimate of 1.78 million barrels per day.

* Adopted a Naira to US Dollar exchange rate of N750 per US Dollar for 2024.

* Budget deficit projected at N9.18 trillion in 2024 or 3.88 percent of GDP.

* New borrowings in 2024 totalling N7.83 trillion.

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According to the President, “the budget deficit is projected at n9,18 trillion in 2024. This is lower than the N13.78 trillion deficit recorded in 2023 which represents 6.11 percent of GDP.”

Tinubu declared: “the deficit will be financed by new borrowings totalling N7.83 trillion, N298.49 billion from Privatization Proceeds and N1.05 trillion drawn on multilateral and bilateral loans secured for specific development projects.”