… Says Inflation Will Moderate To 21.4% In 2024
The federal government has said that it achieved 96 per cent revenue performance amounting to N8.65trn between January to September 2023.
President Bola Ahmed Tinubu made the disclosure on Wednesday during his budget presentation before a joint session of the National Assembly.
Advertisement
The budget named; ‘Budget of Renewed Hope’ projected a N27trn fiscal spending for 2024.
Tinubu said, “The budget proposal meets our needs of completing critical road infrastructure projects which will help address structural problems in the economy like lowering the cost of doing business for companies and the cost of living for the average person.
“The aggregate revenue of N11.045trn was projected to fund the 2023 budget of N24.82trn with a deficit of about 6.1 per cent of the GDP.
“As of September 30th, the Federal Government’s actual aggregate revenue inflow was N8.65trn, approximately 96 per cent of the targeted N8.28trn. Despite the challenges, we continue to meet all our obligations.”
He said his administration will ensure value for money through greater transparency and accountability.
He said, “We will work more closely with development partners in the private sector to address long-standing issues. A stable micro-economic environment is important to catalyse private investments and catalyse economic growth.
“We are and shall continue to implement business and development friendly measures to sustainable growth. We expect the economy to grow by a minimum of 3.76 per cent. Inflation is expected to moderate to 21.4 per cent in 2024”