Global Economy

published : 2023-11-30

Nigerian President Unveils $34.8B Spending Plan to Address Security and Stability

Nigeria's Economy and Security Take Center Stage in Ambitious 2024 Budget

A photo of President Bola Tinubu presenting the 27.5 trillion naira spending plan, taken with a Nikon D850.

Nigeria’s leader presented a 27.5 trillion naira ($34.8 billion) spending plan for 2024, with a focus on stabilizing the nation's largest but ailing economy and addressing the deadly security crisis.

President Bola Tinubu outlined the proposed budget in Abuja, emphasizing its objective to sustain the robust foundation for sustainable economic development that his government has set in motion.

The plan aims to tackle hardship and reduce the impact of the surging inflation of 27.3%, which is already squeezing families in the country with a population of over 210 million people.

An image showcasing Nigeria's bustling economy, featuring a vibrant marketplace filled with local vendors, taken with a Canon EOS 5D Mark IV.

Tinubu projected a minimum economic growth of 3.76% for the following year, with infrastructure and social welfare programs being among the priorities.

While economic reforms were introduced to attract foreign investment, they have inadvertently worsened the hardship for many in Nigeria, where the removal of gas subsidies has backfired.

In tackling security challenges, the spending plan focuses on strengthening the capacity of the overstretched security forces to combat extremist violence and rebel attacks that have plagued Nigeria's north for years.

A photo capturing the struggles of everyday Nigerians amidst surging inflation, showing a family budgeting their expenses, taken with a Sony Alpha a7 III.

Approximately 8.25 trillion naira ($10.4 billion) of the proposed budget is allocated for servicing the country's high debt, placing a strain on financing for crucial projects.

The president highlighted that projected debt service would account for 45% of the expected total revenue next year, emphasizing the need for greater transparency and accountability.

To improve effectiveness, the government intends to work closely with development partners and the private sector, aiming for a collaborative approach.