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Nigeria raises 2024 budget to N27.5trn, increases oil price

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Kebbi state Governor, Atiku Bagudu autonomy

Nigeria on Monday revised its 2024 budget upwards by 1.5 trillion naira to 27.5 trillion naira ($32.76 billion), the Minister of Budget and National Planning Atiku Bagudu said.

The most populous Black nation also increased the oil price benchmark and lowered the naira exchange rate assumption.

Bagudu told reporters after the Federal Executive Council meeting that the cabinet had revised its oil price assumption up by $4 per barrel to $77.96 and its currency value to 750 naira per dollar, from 700 naira.

The minister had last month said the country planned to spend 26.01 trillion naira for its 2024 budget.

Nigeria's Tinubu presides over FEC, swears in eight permanent secretaries

President Bola Tinubu of Nigeria

Chronicle NG reported that the Nigeria House of Representatives on November 22 passed the 2024-2026 medium-term expenditure framework, a set of assumptions that will be used to prepare the country’s budget over the next three years.

The document, which was agreed by President Bola Tinubu’s cabinet before going to the House of Representatives for approval, pegs the naira around 700 naira per dollar next year before firming slightly in 2025 and 2026.

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