Mixed reactions have continued to trail The 2024 budget proposal which is estimated at N27.5trillion presented to the National Assembly by President Bola Tinubu last week.
Tinubu said Nigeria’s national defence and internal security, local job creation, macro-economic stability, investment environment optimisation, human capital development, poverty reduction, and social security are some of the top priorities of the ‘Budget of Renewed Hope’.
But the question is with this set priorities,will the budget bring about economic development and alleviate poverty in the coming year?
YesFM’s Oluwasemiloore Ige spoke with an economist from the Department of Economics, Olabisi Onabanjo University Ago iwoye Dr Seyi Adelowokan and he had this to say.
A public affairs analyst, Mr Ayo Olowookorun noted that the proposed budget is far from what Nigerians are expecting.
To fund its budget, the Federal Government expects to make N18.32tn as revenue. N7.94tn is supposed to come from oil-related sources, and the balance of N10.39tn is projected to be from non-oil-related sources. Projected independent revenue is expected to be N1.9tn, grants and donor-funded projects N685.63bn, and dividends from NLNG, Bank of Industry, Development Bank of Nigeria, Galaxy Backbone, and Bank of Agriculture are projected at N357.92bn.