Nigeria 2024 Federal Government Budget Analysis: Recalibrating Government Agencies for Resource Efficiency and Economic Growth

Fiscally, by 2023 Nigeria had been playing fast and loose. The non-oil component of GDP showed retained capacity for growth but the bulk of export earnings still came from oil receipts. However minimal in 2023, the country experienced a Trade Surplus; a decline in Capital importation; severe growth in inflation; a decline in Household and Government consumption; and an increase in the number of poor people. As such, the 2024 budget of Renewed Hope would have to provide more than just hope.

BudgIT has, through this piece, done an extensive review of Nigeria’s macroeconomic environments and assessed the potency of the budget to deliver “Renewed Hope.”