On Saturday, Nigerian lawmakers approved a 28.77 trillion naira ($34 billion) budget for 2024, which was a funding increase from the original proposal. President Bola Tinubu had presented a budget of 27.5 trillion naira with a projected deficit of 3.9% of gross domestic product (GDP) and an assumed exchange rate of 750 naira per dollar.
However, during a special sitting, the Senate and House of Representatives debated the budget and agreed to adopt it with the changes sought by the government. The government anticipated additional revenue from government-owned enterprises and adjusted the expected average exchange rate to 800 naira to the dollar to boost export income, with a forecasted economic growth of 3.88%.
Tinubu campaigned on a promise to revive the country’s economy, but Nigerians have experienced increased hardships this year due to the removal of a petrol subsidy and currency controls, leading to higher inflation. The budget will be sent to Tinubu on Monday for signing into law, and the country has struggled with high deficits over the years due to low tax revenue and declining oil production.
Nigeria, the largest economy in Africa, also grapples with widespread insecurity, which has worsened in some areas since Tinubu took office. However, he has not outlined a plan to address the issue. The lawmakers separately debated recent attacks in central Plateau state and resolved to invite security chiefs to explain the circumstances surrounding the incident.
Overall, the approved budget reflects the government’s efforts to address economic challenges and boost revenue, but it also highlights ongoing concerns about insecurity and the need for comprehensive solutions.
(Writing by MacDonald Dzirutwe; Editing by Helen Popper)
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