Finance and economy experts are urging the effective implementation of the N28.78 trillion budget approved by the National Assembly over the weekend and signed into law today by President Bola Tinubu. The goal, they said, is to stimulate the economy and alleviate potential challenges resulting from major economic reforms, and that the government must see to it that outlined goals are achieved.
The approved budget for the 2024 fiscal year stands at N28.78 trillion, with an increase of N1.2 trillion from the initial N27.5 trillion proposed by President Bola Tinubu. Both the Senate and the House of Representatives agreed on the budget estimates, making adjustments such as increasing the exchange rate from N750 to N800 per dollar. Also, the approved figures include a 1.78 million barrels per day (mbpd) oil production, $77.96 oil benchmark price, and a GDP growth rate of 3.88 percent, all in line with the President’s proposal.
Expert were unanimous that while the overall policy direction and headline details of the budget were realistic, the overall success of the budget depends on the implementation and prioritisation of key projects and initiatives with immediate impact on the citizenry.
They also said the budget was realistic, although there is still more room for the country to be more aggressive with spending, particularly on infrastructure, which is needed at this time to drive local production and employment.They emphasized that focus should be on budget performance and implementation, so funding the components that will have immediate impact on ameliorating the negative impact of recent policy reforms on the citizenry should be prioritised.
The breakdown of the budget allocation is as follows: N1.74 trillion for statutory transfers, N8.77 trillion for recurrent expenditure, N9.99 trillion for capital expenditure, and N8.27 trillion for debt servicing. These allocations aim to address various sectors and ensure the effective utilization of funds for the benefit of the economy and the populace.
The National Assembly has assured its commitment to working closely with the Executive to ensure the successful execution of the budget.
