The Federal Government has disclosed that the early passage of the 2024 budget for implementation will significantly contribute towards achievement of government macro fiscal and sectoral objectives.
The Minister of Budget and Economic planning, Senator Abubakar Bagudu disclosed this at the public presentation of the Federal government of Nigeria 2024 budget proposal in Abuja, Wednesday.
Bagudu stated that the 2024 budget stipulated at 27.5 trillion naira was presented to Nigerians following six months of hard work.
According to the Minister, the aggregate revenue is N11 billion, while N45 million naira is expected as revenue. He added that N8 trillion, N623 billion have been achieved in September 2023, implying that the government is on track in terms of revenue generation .
The Minister further explained that N50 billion naira was earmarked for the students loan funds , as the health sector receives an increase of N1.4 trillion naira and Defence as well as security got an increase of N3.25 trillion from the 2024 proposed budget .
In his opening remarks, The Minister of Finance and Coordinating Minister of the Economy, Wale Edun said, the 2024 budget is based on assumption and presumption which are realistic and achievable in depth, adding that it would be easy to document and the implementation would have less reliance on borrowing .
In the same development, Director of Budget, Ben Akabueze explained that the 2024 budget is not just an expenditure and revenue statement but a policy statement of government annualy.