By Sogeyinbo Abdulrahmon Olabanji (SIWES student, Gate Way ICT Polytechnic Saapade)
The Nigerian government has adjusted its 2024 budget, increasing it from the initial N26 trillion to N27.5 trillion, as announced by Minister of Budget and Economic Planning, Atiku Bagudu.
The revised budget includes changes in the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP), with the exchange rate adjusted from N700 to N750 per dollar and the oil benchmark raised from $73 to $77 per barrel.
The statement Bagudu mentioned a forecast revenue of N18.2 trillion for 2024, aiming to enhance revenue through these adjustments.
The Federal Executive Council approved the budget and discussed fiscal policy measures, including VAT removal on diesel, to boost government revenue. Additionally, the council endorsed a $1 billion budget support loan from the African Development Bank.
