2024 Budget: Oil Price Pegged At $77.96, Naira At 750 Per Dollar

President Bola Tinubu presented the 2024 budget to the National Assembly on November 29, 2023

President Bola Tinubu during his presentation of the 2024 ‘Budget of Renewed Hope’ on Wednesday pegged oil price at $77.96 and the naira at N750/$1.

The President presented the 2024 budget proposal of N27.5trn before a joint session of the National Assembly in Abuja on Wednesday.

He said, “Distinguished members of the National Assembly, the revised 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sets out the parameters for the 2024 Budget.

“After a careful review of developments in the world oil market and domestic conditions, we have adopted a conservative oil price benchmark of 77.96 US Dollars per barrel and daily oil production estimate of 1.78 million barrels per day. We have also adopted a Naira to US Dollar exchange rate of 750 naira per US Dollar for 2024.

“Accordingly, an aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira.”

The President said Nigeria remained committed to meeting its debt obligations and projected debt service at 45% of the expected total revenue.

“Budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023 which represents 6.11 percent of GDP.

“The deficit will be financed by new borrowings totaling 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds and 1.05 trillion naira drawdown on multilateral and bilateral loans secured for specific development projects.”

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