Tinubu Targets 3.76% GDP, 21.4% Inflation in 2024

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By Adedapo Adesanya

President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent.

Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits.

Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally generated revenue (IGR).

The President got to the parliament at about a few minutes past 11 am on Wednesday, November 29, 2023, and was accompanied by the Vice President, Mr Kashim Shettima; his Chief of Staff, Mr Femi Gbajabiamila; the National Chairman of the ruling All Progressives Congress (APC), Mr Abdullahi Ganduje; and the Secretary to the Government of the Federation (SGF), Mr George Akume; among others.

The Federal Executive Council (FEC) had on Monday approved the 2024 Appropriation Bill of N27.5 trillion. This is an increase from the N26.01 trillion earlier considered by the council.

Earlier this month, the presidency forwarded to both chambers of the National Assembly the 2024 – 2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), where the sum of N26.1 trillion was proposed as the total expenditure profile for the 2024 fiscal year.

The Senate, through its Committee on Finance, after two weeks of interactive sessions with heads of Ministries, Departments and Agencies (MDAs) on revenue and expenditure projections made for them, approved the MTEF.

It specifically approved the N26.1 trillion proposed as the 2024 budget and other parameters as proposed by the President.

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