Nigerian Minister of Finance and Co- ordinating Minister of the Economy, Wale Edun has said that the deficits of the 2024 budget presented by President Bola Ahmed Tinubu is projected at N9.18trn or 3.88 percent of GDP which he said lower than N13.78trn deficit recorded in 2023.
Edun who disclosed this in his opening remarks during the public presentation of the budget on Wednesday in Abuja said in the 2023 budget the deficit represents 6.11 percent of GDP, adding that budget focusses on value for money and raises the economy.
The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu publicly presented the N27.5 trillion Federal Government 2024 Budget of ” Renewed Hope” to Nigerians, he said, “Budget is not ordinary statement but Federal Government’s policy statement every year.”
Speaking further, the Finance Minister said the Federal Government lay more emphasis on tax revenue generation than borrowing to run the nation’s economy, saying that the budget proposals were realistic and practicable.
“The budget deficit is being brought down from about over 6.11 percent of GDP to 3.88 percent of GDP. That is a huge change in direction from unlimited and limitless borrowing to re-focussing on revenue and expenditure management to give value for money.”
He added that the target was to increase tax- to GDP from roughly under 10 percent now to 17 percent in a couple of years’ time.That target is a hugely ambitious one which we need to meet to reduce reliance on borrowing.
The Minister of Finance and Co-ordinating Minister of the Economy emphasised that the budget would position the economy for foreign investors to come into the country through private partnership.
Edun said, “There is privatisation in the budget. That is direction of travel to create a stable macro- economic environment in which investors can come in and the govt is yielding grounds to them and allowing them to come in and invest and provide goods and services to Nigerians.”
