Nigeria’s Tinubu Plans $34 Billion Budget in 2024 to Lift Growth
- Budget will be almost a fifth bigger than last year’s
- Spending plan based on average oil price of $73.96 a barrel
Bola Tinubu.
Photographer: Kola Sulaimon/AFP/Getty ImagesThis article is for subscribers only.
Nigeria’s President Bola Tinubu plans to ramp up spending by almost a fifth in his first budget since he was inaugurated in May to boost economic growth.
Tinubu, whose economic reforms have won approval from investors, is banking on the 26 trillion naira ($34 billion) spending plan to help raise growth to 3.76% in 2024, Atiku Bagudu, the minister of budget and national planning said at a briefing in Abuja, the nation’s capital on Monday. That compares to 2.9% growth forecast by the International Monetary Fund for 2023.