NIGERIA PROPOSES $34 BILLION BUDGET TO STIMULATE ECONOMY

Nigeria Proposes $34 Billion Budget to stimulate Economy as the Finance Minister Olawale Edun announced the Tinubu’s administration plans of obtaining $1.5 billion loan from the World Bank to support its economic reforms.

According to the Minister of Budget and Economic Planning, Atiku Bagudu, he said the budget is based on an assumed oil price of U.S.$73.96 and an exchange rate of 700 naira per dollar. It was on that the federal government has proposed a U.S.$34 billion budget for 2024, an increase from the U.S.$27 billion budget for 2023.

President Bola Tinubu is lobbying the legislative arm to give the proposed budget an accelerated passage when it will be presented to the National Assembly before the end of the year, as the budget is expected to consolidate his economic reforms aimed at improving the standard of living of Nigerians and attracting direct foreign investors.

The country is already facing a huge debt profile, but it is hoping that the loan will help it to facilitate economic growth and standard of living for the common man.

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