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West Africa Macroeconomic Update

Recall that on Wednesday, 29 November 2023, President Tinubu had presented to a joint session of the 10th National Assembly, the 2024 Appropriation Bill of the Federal Government of Nigeria (FGN), themed “Budget of Renewed Hope”. Despite the late presentation, the National Assembly passed the Budget on 30 December 2023, increasing its size by ₦1.20trillion from the proposed ₦27.50trillion to ₦28.78trillion.
A snapshot of the Act is shown below:

The Act shows a projected revenue of ₦19.60trillion, aggregate proposed expenditure of N28.78 trillion, and a deficit of ₦9.18trillion. When compared to the 2023 Appropriation Act, the Act shows a 77% increase in projected revenue and a 16% increase in expenditure.

The 2024 Appropriation Act of the Federal Government of Nigeria -  What does the Appropriation Act of Renewed Hope hold for Nigerians? In this article, we examine the objectives of the Act, the assumption/indices of the Act, the breakdown and analysis of revenue and expenditure, the budget deficit and debt profile of Nigeria, and key sectoral budget allocation.

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