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Notwithstanding the volatility of the foreign exchange market, the Federal Government yesterday, benchmarked its 2024 budget on a crude oil price of $73.96 per barrel and an exchange rate of N700 to the dollar, while projecting N26 trillion for the fiscal year...
“The aggregate expenditure is estimated at N26.01 trillion for the 2024 budget, which includes statutory transfers of N1.3 trillion non-debt recurrent expenditure of N10.26 trillion. Debt service is estimated at N8.25 trillion as well as N7.78 trillion being provided for personnel pension cost.” According to the Minister of Finance, Edun, the funding will be provided through the International Development Association, known for its virtually interest-free loans.
On the $80 million financing from AfDB, the minister said the financing was designated for the Ekiti Knowledge Zone project in Ekiti State, which aims to empower young individuals by facilitating their engagement in the knowledge economy and the technology sector. Data from the DMO further shows that Nigeria’s total domestic debt is N54.13 trillion, while its total external debt is N33.25 trillion.In its 2022 Debt Sustainability Analysis Report, the DMO warned that the Federal Government’s projected revenue of N10 trillion for 2023 could not support fresh borrowings.
He pointed out that Nigeria struggles to generate sufficient tax revenue for debt servicing and essential infrastructure investments. Furthermore, he clarified that the IMF did not know about any ongoing debt discussions, debt profiling, or debt restructuring in Nigeria. MEANWHILE, the Federal Government has changed the day of FEC meetings from the traditional Wednesday to Monday. Minister of Information and National Orientation, Mohammed Idris, disclosed this yesterday. He, however, revealed that the FEC meetings may not be held weekly in a remarkable departure from previous tradition until there are pressing issues to discuss.
Rising food prices remain a source of concern for Nigerians, as the inflationary trend is not just spiking poverty levels but also increasing the number of people who cannot afford a healthy diet.
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