Nigerian President Bola Tinubu on Wednesday presented the 2024 appropriation bill to the joint session of the National Assembly in Abuja, the capital of Nigeria, which aims to achieve a 3.76-percent growth in gross domestic product, marking a significant step toward the nation’s economic recovery.
The appropriation bill, titled “Budget Of Renewed Hope,” unveils a comprehensive budget of 27.5 trillion naira (about 34.8 billion U.S. dollars).
“We expect the economy to grow by a minimum of 3.76 percent. Inflation is expected to moderate to 21.4 percent in 2024. In preparing the 2024 Budget, our primary objective has been to sustain our robust foundation for sustainable economic development,” the Nigerian leader said.
He emphasized national defense and internal security, local job creation, macroeconomic stability, investment environment optimization, human capital development, poverty reduction, and social security as some of the top priorities of the 2024 budget.
Tinubu also highlighted the adoption of a conservative oil price benchmark of 77.96 U.S. dollars per barrel. This decision, coupled with a daily oil production estimate of 1.78 million barrels, reflects a careful review of global oil market trends, he said, stressing the importance of fiscal responsibility and adaptability to the ever-changing dynamics of the international oil market.
The Nigerian leader said his administration remained committed to broad-based and shared economic prosperity, adding that efforts will be made to further contain financial leakages through the effective implementation of key public financial management reforms.
The 27.5-trillion naira budget is expected to be scrutinized and approved by the National Assembly and sent back to be assented to by the Nigerian leader.