• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Economy Budget

2024 budget: FG projects 33.5% reduction in budget deficit 

Aghogho Udi by Aghogho Udi
November 29, 2023
in Budget, Economy, Spotlight
Tinubu presents N27.5 trillion 2024 budget to NASS, targets N18.32 trillion revenue growth
Share on FacebookShare on TwitterShare on Linkedin

The federal government has projected a N4.60 trillion decline in the budget deficit for the 2024 fiscal year.  

This represents a 33.5% reduction when compared to the 2023 budget. 

President Tinubu disclosed this during his presentation of the 2024 appropriation bill to the joint session of the National Assembly.  

RelatedStories

FG targets $6,000 GDP per capita, 6% unemployment by 2030 

FG to adopt innovative financing strategies to bridge N14 trillion 2025 budget deficit – Bagudu 

March 10, 2025
FIRS plans to increase tax revenue by 57% to N19.4 trillion in 2024 

FIRS Chairman, Zacch Adedeji, defends FG’s loan requests amid surplus revenue generation 

November 26, 2024

In the 2024 budget proposal, the deficit was projected at N9.18 trillion while that of 2023 was N13.78 trillion. This represents a drop of N4.60 trillion for the 2024 fiscal year.  

In terms of deficit to GDP ratio, there was a reduction of 2.22% in the deficit to GDP ratio in the 2024 budget. While the deficit to GDP ratio of the 2024 budget stands at 3.88%, that of the 2023 budget was 6.1%. 

  • The President stated thus, “Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.” 
  • “Budget deficit is projected at 9.18 trillion naira in 2024 or 3.88% of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023 which represents 6.11% of GDP.” 

Sources of funding for budget deficit 

On the sources of funding for the budget deficit, the President stated that new borrowings, revenues from privatisation and draw down from multilateral organisations will finance the deficit.  

  • He stated thus, “The deficit will be financed by new borrowings totalling 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.”  

Backstory 

Already, President Tinubu has written to the National Assembly seeking approval for external borrowings as part of the 2022-2024 external borrowing plan.  

In the letter, the President requested the National Assembly to approve $8.69 billion and €100 in external loans.  

The total budget proposal for 2024 was N27.5 trillion and the President expects the economy to grow by 3.76% and inflation to moderate to 21.4% 

 


Follow us for Breaking News and Market Intelligence.
Tags: Budget Deficit
Aghogho Udi

Aghogho Udi

My name is Aghogho Udi, a writer, journalist, and researcher, deeply intrigued by the political economy of Nigeria and the broader African context. My focus lies in shedding light on the intricate connections between macroeconomics and politics, offering valuable insights that foster comprehension of Africa's prevailing economic landscape and the world in general.

Related Posts

FG targets $6,000 GDP per capita, 6% unemployment by 2030 
Budget

FG to adopt innovative financing strategies to bridge N14 trillion 2025 budget deficit – Bagudu 

March 10, 2025
FIRS plans to increase tax revenue by 57% to N19.4 trillion in 2024 
Economy

FIRS Chairman, Zacch Adedeji, defends FG’s loan requests amid surplus revenue generation 

November 26, 2024
Naira scarcity: CBN, Police to prosecute sellers and abusers of Naira
Politics

MPC recommends CBN increase lending to government via Ways and Means

January 27, 2021
Accounting For VAT in Nigeria – Cash or Accrual Basis?
Macros

Nigeria generates N1.53 trillion VAT in 2020, grows by 29%

January 27, 2021
How to avoid debt despite economic challenges
Macros

Nigeria’s total public debt rises to N32.2 trillion ($84.57 billion) as at September 2020.

January 14, 2021
Military located bandits in kankara, Q1 2020 National Debt report, Buhari finally speaks on NDDC probe, urges NA to act with a sense of urgency,National Human Rights Commission,Presidency bows to pressure, agrees to demand made by EndSARS protesters, Our economy is too fragile to bear another round of lockdown-Buhari, Zarbarmari: Massacre by Boko Haram is nothing short of senseless, barbaric, gruesome and cowardly- Buhari
Budget

FG’s unsustainable budget deficit and debt service cost

June 16, 2020
Next Post
Raedial Farms Limited , Compagnie Fruitere

Raedial Farms Limited Signs Multimillion Partnership With Compagnie Fruitere

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • WAES: West Africa exported goods valued at over $166 billion in 2024 – Tuggar 
  • Heineken withdraws staff, suspends operations in Eastern DRC cities amid worsening rebel conflict 
  • Tariff relief triggers $2 billion investment in Nigeria’s digital infrastructure – Tayo Aduloju

Follow us on social media:

Recent News

Yusuf Tuggar, Nigerian military

WAES: West Africa exported goods valued at over $166 billion in 2024 – Tuggar 

June 21, 2025
Heineken launches mandatory takeover bid of Champions Breweries, offers to buyout remaining 15.3% equity stake

Heineken withdraws staff, suspends operations in Eastern DRC cities amid worsening rebel conflict 

June 21, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics