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Nigeria’s Bola Tinubu presents N27.5 trillion 2024 budget of ‘Renewed Hope’

Published

12 months ago

November 29, 2023

Exactly six months after his inauguration, Nigeria’s President, Bola Tinubu, presented the N27.5 trillion 2024 budget proposal to a joint session of the 10th National Assembly in Abuja.

The president said, “The 2024 Appropriation has been themed the Budget of Renewed Hope” with intentions to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.

“Defence and internal security are accorded top priority. The internal security architecture will be overhauled to enhance law enforcement capabilities and safeguard lives, property, and investments across the country,” he said in his presentation on Wednesday.

The budget also prioritizes human development, with particular attention to children, whom he called “the foundation of our nation”.

The Nigerian government under Tinubu has sought to stabilize the country’s economy with two major policy actions: the removal of petrol subsidies to address fiscal wastage, and the unification of the exchange rate. Although the policies have yet to positively impact standard of living, Tinubu insisted that the Nigerian economy had performed well in 2023 despite the challenges, and the government continued to meet its obligations.

According to him, “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% of GDP. However, as of September 30, the Federal Government’s actual aggregate revenue inflow was 8.65 trillion naira, approximately 96% of the targeted 8.28 trillion naira”.

Tinubu commended the legislature for its swift consideration and passage of the 2023 Supplementary Appropriation Bill and the 2024–2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper last week. He noted that their “prompt action underscores your devotion to economic development and to the greater welfare of our people.”

Nigeria’s main revenue source is oil, but earnings have been affected by its industrial-scale theft, and dwindling global oil prices. However, it produced 1.49 million barrels of oil per day last month, the most in nearly two years, after increasing its output by 60,000 barrels per day.

Related Topics:2024 Budget Featured Nigeria President Bola Tinubu

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VenturesNow

Food prices drive second straight monthly hike in Nigeria’s inflation

Published

11 hours ago

November 17, 2024

Ifeoluwa Dada

According to official statistics released on Friday, Nigeria’s inflation rate increased for the second consecutive month in October, rising to 33.88% in annual terms from 32.70% in September, mostly as a result of increasing food costs.

In an attempt to boost economic development and strengthen public finances, President Bola Tinubu devalued the naira and reduced subsidies, which caused inflation to spike in the second half of last year.

As the effects of the naira devaluation started to lessen in July of this year, a slew of hikes in the price of petroleum and devastating floods that destroyed crops once again exacerbated pricing pressures, making the greatest cost-of-living crisis in decades worse in Africa’s most populous country.

According to the National Bureau of Statistics, price increases for basics such as rice, maize, bread, potatoes, and cooking oil prompted food inflation to surge from 37.77% in October to 39.16% year over year.

This year, more than 1.5 million hectares of agriculture have been damaged by torrential rain and floods in 29 of Nigeria’s 36 states, leaving millions hungry and displacing large numbers of people.

In an effort to curb inflation, the central bank has raised interest rates five times this year. On November 26, it is expected to make its final rate decision of the year.

VenturesNow

MTN financial report reveals drop in group service revenue

Published

11 hours ago

November 17, 2024

Ifeoluwa Dada

Due to operational difficulties in Sudan and the depreciation of the Nigerian naira, MTN Group, Africa’s largest telecom provider, announced on Thursday an 18.5% decline in service revenue for the third quarter that concluded on September 30.

With 288 million users in 17 African regions, MTN said that its group service revenue dropped from 156.3 billion rand ($6.99 billion) in the same quarter of the previous year to 127.4 billion rand.

Despite stating that “the naira was less volatile on a sequential basis in Q3 than in preceding quarters,” the business reported a 48.7% decline in MTN Nigeria’s income due to the currency’s depreciation.

Due to a stronger Ugandan shilling than the previous year, Uganda’s largest contributor, MTN South Africa (MTN SA), expanded by a meagre 3.3%.

Due to “subscriber registration regulations in Nigeria and a decline in users in Sudan, where the conflict has displaced millions of people,” the business reported that its subscriber base increased by 1.6% to 288 million.

Given the higher demand in Nigeria despite the legal obstacles, MTN plans to increase its capital expenditures, which it expects would total between 28 and 33 billion rand for the entire year.