Ambitious Road Ahead: Nigerian Budget 2024 Under Scrutiny

The recently unveiled 2024 budget proposal for Nigeria has garnered significant attention due to its substantial plan of N27.5 trillion. This has prompted experts to provide insights on the potential and challenges of implementing this budget. The consensus among experts, as surveyed by The Nation, is that the 2024 budget is both cautious and ambitious, but it faces significant challenges due to current global and macroeconomic dynamics.

The proposed budget, entitled “Budget of Renewed Hope” by President Bola Tinubu, places emphasis on defence, internal security, and job creation. It includes predictions of an oil price at $77.96 per barrel, daily oil production of 1.78 million barrels, and an exchange rate of N750 to a dollar. The budget also outlines a breakdown of N8.75 trillion for capital expenditure and N8.25 trillion for debt service.

Experts have lauded the cautious approach of the budget, recognizing the challenging economic landscape that Nigeria is navigating. Olatunde Amolegbe, Managing Director of Arthur Steven Asset Management, commended the government’s cautious approach while emphasizing the importance of its successful implementation. Dr. Chinyere Almona, Director General of the Lagos Chamber of Commerce and Industry (LCCI), believes that the budget objectives are conservative, especially in terms of oil prices, exchange rates, and oil production. She also highlighted the importance of investment in transport infrastructure to mitigate high fuel costs and logistical challenges.

Professor Uche Uwaleke, President of the Association of Capital Market Academics, expressed optimism about the budget’s potential while acknowledging the challenges posed by the forex regime. He believes that with proper implementation, the 2024 budget holds promise for the Nigerian economy. Sani Shehu, former President of Miners Association of Nigeria (MAN), emphasized the need for government attention and investment in the mining sector to generate foreign exchange earnings.

Considering the concerns raised by experts about the ambitious assumptions of the budget in light of current economic realities, the success of the budget remains uncertain. Therefore, careful consideration of the challenges and opportunities will be essential as the government moves forward with its ambitious plans in the 2024 budget proposal.

In conclusion, the 2024 budget proposal serves as a pivotal call to action for the Nigerian government to navigate the challenges and opportunities it faces in its pursuit of economic revival. Success will depend on robust implementation strategies and responsive policy frameworks, demonstrating the government’s ability to address complex economic dynamics in the coming fiscal year.