N27.5 trillion budget proposal too small to meet Nigeria’s economic obligations

Ben Akabueze, the Director-General of the Budget Office of the Federation, has said that the proposed N27.5 trillion budget for 2024 awaiting approval in the National Assembly is deemed “too small” to adequately address Nigeria’s economic needs.

However, he recognizes the government’s commitment to fiscal responsibility in aligning expenses with available resources.

Akabueze made this statement while speaking in an interview on Channels TV on Wednesday.

He stated that the budgetary allocation is rather conservative compared to the economic obligations of the government.

“I’m always first to acknowledge that the budget of the Federal Government of Nigeria is way too small relative to our needs and our requirements but it is now a case of cutting out coats according to our cloth rather than our size,
“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,” Akabueze noted.
Speaking on the International Monetary Fund (IMF) projection of Nigeria’s economic growth rate, the DG said the IMF assessment is not completely based on the economic facts of the country, adding that the government protection is more reasonable than that of the international financial institution.

Recall that President Tinubu said during the budget presentation that he projects a 3.76% growth rate in the 2024 fiscal year. The president also announced N18.32 trillion revenue target for 2024 budget funding.

Meanwhile, the Washington-based lender had projected that the country’s economy would grow at 3.1% in 2024.

Responding to the development, Akabueze said that the President’s projection, although it seems ambitious, is more reasonable than that of the IMF, adding that IMF has got the prediction wrong in the last four years.

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