National Wire About Nigerians, Nigerian Business and Other Stories
In a pivotal move on Saturday, December 30, 2023, Nigerian legislators granted approval to a robust ₦28.77 trillion ($34 billion) budget for the new year year with 28% voted for debt servicing.
The budget, featuring an increased funding proposal, reflects the government’s response to elevated revenue projections and a currency under strain.
Key allocations within the budget include ₦8.27 trillion for debt servicing, ₦8.76 trillion for recurrent expenditure, and a substantial ₦9.99 trillion for capital expenditure.
A budget deficit of ₦9.18 trillion is outlined, with an aggregate expenditure benchmarked at ₦28.77 trillion, considering an exchange rate pegged at ₦800/$1.
The budget details a daily oil production target of 1.78 million barrels per day, coupled with an oil benchmark price fixed at $77.96. Anticipating economic growth, the GDP growth rate is set at 3.88%.
Despite optimism for a fruitful year, Nigerians remain cautious, emphasizing the need for consistent economic policies and expressing concerns over the persistent inflationary trend, particularly affecting food prices in volatile markets.
As citizens pin their hopes on a positive trajectory, calls to address pressing issues, such as insecurity and unemployment, echo across the nation.
In the agricultural sector, there is a plea for the government to fulfill its commitment to opening 500,000 hectares of farmland nationwide, aiming to tackle food insecurity on a broader scale.
