FG presents N27.5trn 2024 Budget
By Matthew Denis
The Honourable Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu has publicly presented the N27.5 TRN Federal Government 2024 Budget of ” Renewed Hope” to Nigerians.
Sen.Bagugu did the public presentation of the budget on Wednesday in Abuja.
According to Sen.Bagudu, “Budget is not an ordinary statement but Federal Government’s policy statement every year.”
Speaking earlier the Minister of Finance and Co-ordinating Minister of the Economy,Wale Edun in his opening remarks noted that the Federal Government lay more emphasis on tax revenue generation than borrowing to run the nation’s economy.
Edun said that the budget proposals were realistic and practicable.
Edun also disclosed that President Bola Ahmed Tinbu had already presented the FGN N27.5 trn 2024 Budget to a joint Session of the National Assembly.
The budget deficits is projected at N9.18trn or3.88 percent of GDP which is lower than the N13.78trn deficit recorded in 2023.
In the 2023 budget the deficit represents 6.11 percent of GDP.
Edun also added that budget focusses on value for money and raises the economy.
“The budget deficit is being brought down from about over 6.11 percent of GDP to 3.88 percent of GDP. That is a huge change in direction from unlimited and limitless borrowing to re-focussing on revenue and expenditure management to give value for money.”
Edu added that the target was to increase tax- to GDP from roughly under 10 percent now to 17 percent in a couple of years’ time.That target is a hugely ambitious one which we need to meet to reduce reliance on borrowing.
The Honourable Minister of Finance and Co-ordinating Minister of the Economy emphasised that the budget would position the economy for foreign investors to come into the country through private partnership.
Edun said, “There is privatisation in the budget. That is the direction of travel to create a stable macro- economic environment in which investors can come in and the government is yielding grounds to them and allowing them to come in and invest and provide goods and services to Nigerians.”
He added that that was the way jobs would be created and poverty reduced in the country.
