President Bola Tinubu today presented the 2024 budget estimate of N27.5 trillion with strong focus on defence, internal security, local job creation to the National Assembly.
The budget will also tackle macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security under the Renewed Hope agenda.
Providing a breakdown of the 2024 Appropriation Bill, the President revealed that 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.
Projected debt service is 45% of the expected total revenue.
“The 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 represented 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 draw down on multilateral and bilateral loans secured for specific development projects.”
The President who was appearing at a joint joint session of the National Assembly on the 2024 Federal budget proposal on Wednesday in Abuja, for the first time said the nation’s internal security architecture will be overhauled to enhance law enforcement capabilities with a view to safeguarding lives, property, and investments across the country.