Ben Akabueze, the Director-General of the Budget Office of the Federation, asserted that the N27.5 trillion 2024 budget is insufficient to meet Nigeria’s pressing needs.
Akabueze addressed the nation’s financial constraints, stating, “The budget of the Federal Government of Nigeria is way too small relative to our needs, but it is now a case of cutting our coat according to our cloth rather than our size.”
Highlighting the crux of the matter, Akabueze emphasized that the budget’s limitations stem from inadequate public revenues. During an appearance on Channels Television’s Politics Today program, he reiterated, “The reason this budget is this small is because our public revenues are also too small. We also need to keep the focus on that.”
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Despite facing criticism, Akabueze defended the 2024 bill, stressing its allocations for the poor in crucial sectors such as healthcare, security, education, and the economy.
Bola Tinubu‘s economic projections for 2024 were central to Akabueze’s discussion. Presented on November 29, 2023, the proposal outlines key figures, including recurrent non-debt expenditure at N9.92 trillion, capital expenditure at N8.73 trillion, debt service at N8.25 trillion, revenue at N18.32 trillion, new borrowings at N7.83 trillion, and a deficit at N9.18 trillion.
Tinubu foresees a 3.76% economic growth, with an anticipated moderation of inflation to 21.4% in 2024.