2024 Proposed Budget Framework

What you should know about the 2024 Proposed Budget!

The 2024 Budget of ‘Renewed Hope’ as proposed by President Bola Ahmed Tinubu outlines a total expenditure of N27.5 trillion (equivalent to $36.7 billion), with a projected revenue of N18.32 trillion ($24.4 billion) and a deficit of N9.18 trillion ($12.2 billion).

To achieve the projected revenue, the Federal government estimates Oil revenue at N7.68 trillion, Government Owned Enterprises are expected to contribute N4.07 trillion, non-oil taxes are projected to be N3.52 trillion, independent revenue is set at N1.91 trillion, minerals and mining will account for N4.55 billion, while other revenue sources will bring in N1.13 trillion.

The expenditure breakdown comprises a non-debt recurrent expenditure of N9.92 trillion, a capital expenditure of N7.72 trillion (exclusive of transfers), Debt service will take up N8.25 trillion, a statutory transfer of N1.37 trillion, and a sinking fund of N243.66 billion.

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