President Bola Tinubu presented Nigeria’s 2024 Budget at the National Assembly (NASS) in Abuja on Wednesday.
The budget, approved during the Federal Executive Council (FEC) meeting on Monday, will undergo debates in the National Assembly and be forwarded to the Senate for additional legislative work.
Here are five points to note from the 2024 Budget
1. The appropriation bill has been tagged “Renewed Hope Budget” by President Tinubu and is higher than the 2023 budget by N1.5 trillion.
2. The aggregate expenditure of the 2024 budget is N27.5 trillion with an estimated revenue of N18.32 trillion.
3. The benchmark for crude oil price is $77.96 per barrel, while the estimated crude oil production per day is 1.78 million barrels.
4. The Medium Term Expenditure (MTEF) has an exchange rate of N750 to US $1. It was formerly placed at N700 per $1 before it was revised.
5. The priority areas of the budget are Nigeria’s defence and internal security, and local job creation.
