President Bola Tinubu has disclosed that the Federal Government made N8.65 trillion revenue between January and September of 2023.
He disclosed this on Wednesday while presenting a budget of N27.5 trillion for 2024 to the National Assembly for approval.
Tinubu said:
- “Distinguished Senators and Honourable Members, an aggregate revenue of 11.045 trillion naira was projected to fund the 2023 Budget of 24.82 trillion naira with a deficit of about 6.1 percent of GDP.
- “As of September 30, the Federal Government’s actual aggregate revenue inflow was 8.65 trillion naira, approximately 96 percent of the targeted 8.28 trillion naira.”
FG targets N18.32 trillion revenue for 2024
From a budget of N27.5 trillion for 2024, the Federal Government plans to generate N18.32 trillion as revenue for 2024, leaving a deficit of N9.18 trillion in 2024 or 3.88 per cent of Gross Domestic Product (GDP).
Presenting the budget tagged ‘Budget of Renewed Hope’, the president said that its main focus was on national defence, internal security, local job creation and macro-economic stability.
He noted that the budget is made up of N9.92 trillion non-debt recurrent expenditure and N8.7 trillion capital expenditure, while N8.25 trillion was for debt service.
- “Accordingly, an aggregate expenditure of N27.5 trillion is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is N9.92 trillion, while debt service is projected to be N8.25 trillion and capital expenditure is N8.7 trillion.
- ‘’Nigeria remains committed to meeting its debt obligations. Projected debt service is 45 per cent of the expected total revenue. The budget deficit is projected at N9.18 trillion in 2024 or 3.88 per cent of GDP. This is lower than the N13.78 trillion deficit recorded in 2023, which represented 6.11 per cent of GDP.”
The Federal Government plans to finance the deficit through new borrowings, privatization proceeds and drawdown from external loans.
- ‘’The deficit will be financed by new borrowings totaling N7.83 trillion, N298.49 billion from Privatization Proceeds, and N1.05 trillion draw down on multilateral and bilateral loans secured for specific development projects,” Tinubu said.
Tinubu added that the budget would also place priority on investment environment optimisation, human capital development, poverty reduction and social security.
Key 2023 Budget Stats
- Total Expenditure: N27.5 trillion
- Non-debt recurrent expenditure: N9.92 trillion
- Capital expenditure: N8.7 trillion
- Debt service: N8.25 trillion
- Total Revenue: N18.32 trillion
- Budget Deficit: N9.18 trillion
- New borrowings: N7.83 trillion
- Privatization Proceeds: N298.49 billion
- Draw down on multilateral and bilateral loans: N1.05 trillion
Source: https://www.thecable.ng/full-text-tinubu-presents-2024-budget-at-nassembly-says-proposal-will-boost-investments