The N27.5 trillion 2024 budget, according to Ben Akabueze, Director-General of the Budget Office of the Federation, is not enough to cover Nigeria’s urgent demands.
“The budget of the Federal Government of Nigeria is way too small relative to our needs, but it is now a case of cutting our coat according to our cloth rather than our size,” said Akabueze in response to the financial difficulties facing the country.
Akabueze emphasised that insufficient public funds are the root cause of the budget’s constraints, highlighting the important points of the issue. “This budget is this small because our public revenues are also too small,” he reiterated during an appearance on Channels Television’s Politics Today programme. We must continue to concentrate on that as well.
This Is Breakdown Of Critical Areas of The 2024 Budget Presented By Tinubu
Akabueze defended the 2024 budget in the face of criticism, emphasising its provisions for the impoverished in important areas including healthcare, security, education, and the economy.
Akabueze’s talk revolved around Bola Tinubu’s economic projections for 2024. The budget, which was presented on November 29, 2023, includes the following important figures: income at N18.32 trillion, fresh borrowings at N7.83 trillion, capital expenditures at N8.73 trillion, debt servicing at N8.25 trillion, and a deficit at N9.18 trillion.
According to Tinubu, the economy would increase by 3.76%, and inflation will moderate to 21.4% by 2024.
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