Nigeria’s budget minister announced on Monday that the country intends to spend 26.01 trillion naira ($34 billion) for the 2024 budget, assuming an oil price of $73.96 for its expenditures at a naira to dollar exchange rate of 700.
Speaking to reporters, Atiku Bagudu stated that Nigeria’s 2024 spending plan calls for oil production to average 1.78 million barrels per day.
He went on to announce that the government would provide 10.8 billion naira ($8.25 trillion) for debt service and 7.78 trillion naira ($7.4 trillion) for salaries and pensions for public employees.
The economy is anticipated to grow at a rate of 3.76% next year, and inflation is predicted to fall from its 20-year high of 27.72% to 21%.
Nigeria has seen double-digit inflation since 2016, which has destroyed savings and income and compelled the central bank to raise interest rates to their highest level in nearly two decades.
Pressure has been put on President Bola Tinubu to ease the nation’s economic difficulties, which worsened after he canceled a decades-old gasoline subsidy that tripled petrol prices at the pumps and allowed the naira to lose more than 50% of its value, driving up prices in Africa’s top oil producer and most populous country.