Скачать или смотреть Challenges and Opportunities: Nigeria's 2024 Budget Presentation Amidst Implementation Difficulties

Host: Dashen Hussaina Usman

Guests:
1. Temitope Kolade, Sustainability and Energy Analyst, Senior Manager at Andersen Nigeria, Lagos, Nigeria
2. Ogho Okiti, Economist, Lagos, Nigeria
3. Akin Fatunke an Economic Analyst is in the studio

Nigeria has grappled with challenges in budget implementation, prompting calls for new budgeting approaches to address issues faced in the oil-rich nation. The difficulties extend beyond the form of budgeting, whether incremental or zero-based, as the country has struggled with budget padding and unrealistic estimates in successive budget cycles.

Against this backdrop, the presentation of the 2024 budget by President Bola Tinubu holds significant weight, capturing the nation's attention. With a new administration focused on growing the economy and implementing economic reforms, expectations are high for a budget that addresses the longstanding challenges.

In the proposed 2024 budget, the cabinet revised the oil price assumption upward by $4 per barrel to $77.96 and adjusted the assumed currency value down to 750 naira per dollar, compared with the previous 700 naira. This revision adds an additional 1.5 trillion naira to the initial estimates, bringing the total to 27.5 trillion naira ($32.76 billion).

The budget presentation marks a pivotal moment as Nigeria seeks to navigate economic complexities and chart a course for sustainable growth. The revision in oil price assumptions reflects the government's responsiveness to global market dynamics. However, the success of the budget will depend not only on these adjustments but also on effective implementation strategies to overcome historical challenges.

As Nigeria stands at a critical juncture, the 2024 budget presentation is both a reflection of past difficulties and an opportunity for positive change. The nation awaits further insights into how the proposed budget will address implementation hurdles and foster economic resilience and prosperity.

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Challenges and Opportunities: Nigeria's 2024 Budget Presentation Amidst Implementation Difficulties | NC Now | 29-11-23

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