National Assembly approves Tinubu’s N28.8 trillion budget for 2024

The National Assembly approved a revised budget of N28.8 trillion naira (approximately $34 billion) at a special session on Saturday.

The Senate and the House of Representatives approved an adjustment after President Bola Tinubu proposed an initial budget of N27.5 trillion, citing higher revenue forecasts and a fluctuating exchange rate.

The revised budget reflects the government’s optimism based on projected increased income from government-owned enterprises and a slightly weaker naira (averaging 800 naira per dollar), potentially boosting export earnings. Economic growth is also anticipated to reach 3.88% next year.

President Tinubu, who campaigned on promises of economic revitalization, faces a complex economic landscape.

Though his administration implemented changes like withdrawing fuel subsidies and removing currency controls, Nigerians have grappled with inflation at its highest point in two decades. With the budget now approved, all eyes turn to its potential impact on alleviating these hardships.

Not just budget

However, Nigeria’s economic recovery hinges on more than just budget allocations. The nation has long battled high deficits due to low tax revenue and fluctuating oil production, necessitating increased borrowing. Furthermore, widespread insecurity has intensified in some areas since Tinubu’s inauguration, demanding a clear and effective security strategy.

The National Assembly also discussed the tragic Plateau state attacks attributed to suspected herdsmen, which claimed about 200 lives. In response, both houses have decided to invite security chiefs to provide a detailed explanation of the incident and propose potential solutions to prevent similar tragedies.