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Lastest News Nigeria, Politics, Business, Sport, Interview
Lastest News Nigeria, Politics, Business, Sport, Interview
Nigeria’s economic demands cannot be met by the planned N27.5 trillion budget for 2024, according to Ben Akabueze, Director-General of the Budget Office of the Federation.
Akabueze emphasized that although the administration has demonstrated a commitment to fiscal restraint, the budget falls short of meeting the nation’s financial responsibilities.
Speaking on Channels TV on Wednesday, Akabueze said that the budgetary allotment is “conservative” in light of the government’s financial requirements.
“I always start by acknowledging that the Federal Government of Nigeria’s budget is way too small in comparison to our needs and requirements, but we now cut our coats according to our cloth rather than our size,” he remarked.
“Our public income is also too modest, which is why this budget is so small. We must continue to concentrate on it as well.
In response, Akabueze questioned the veracity of the International Monetary Fund’s (IMF) forecast of 3.1% economic growth for Nigeria in 2024.
He said that the government’s growth estimate of 3.76% is more feasible and pointed out that the IMF’s projections over the last four years have been off.
“Over the past four years, the IMF has miscalculated our projections,” he declared. Organizations cannot manage their respective economies more effectively than the individuals directly in charge of doing so.
“Our actual growth has consistently exceeded their estimates.”
The 2024 budget plan by President Bola Ahmed Tinubu, which was unveiled last week, calls for a N18.32 trillion total anticipated in income and a N9.18 trillion shortfall. The budget prioritizes capital spending (N8.7 trillion) and attempts to improve the lives of those who are less fortunate by addressing important issues including healthcare, security, education, and the economy.
Akabueze also emphasised that the budget for 2024 places a high priority on the welfare of the underprivileged, with particular attention paid to the economy, security, healthcare, and education.
