The Nigerian government plans to spend a jumbo-size budget of N26.01 trillion [$33.9 billion] in 2024, Atiku Bagudu, minister of budget and planning, said on Monday.
Speaking to reporters after the federal executive council meeting with President Bola Tinubu in Abuja, Bagudu said the budget reflects the “commendable measures” that have been taken since June by President Tinubu to “restore macroeconomic stability.”
The Budget Minister said the Nigerian government is working with an oil price of $73.96, oil production of 1.78 million barrels per day, and an exchange rate of N700/$1 under the 2024 spending plan.
He also projected that the Nigerian economy would grow at a rate of 3.76 per cent next year, with inflation at a 20-year high of 26.72 per cent, moderating to 21 per cent.
From the N26.01 trillion, debt servicing will gulp N8.25 trillion [$10.7 billion] and N7.78 trillion [$10.1 billion] will be set aside to cover salaries and pensions for civil servants.
Bagudu said council members “agreed that we can go ahead to the next step of consultation and presentation to the National Assembly.”
The budget is expected to be sent to the National Assembly for approval before December 31
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