FG To Borrow N7.8trn For 2024 Budget Deficit

President Bola Ahmed Tinubu said on Wednesday that his government will finance the 2024 budget with borrowing of about N7. 8 trillion.

While a presenting his first budget to the National Assembly, the President said he expect the nation’s economy to grow by 3.7 percent in 2024, far above the 3.0 percent global prediction.

Tinubu said that as of September 2023, government revenue inflow stood at N8.6 trillion.

He said despite the shortfall, government has continued to meet its obligation to the people.

He also said that the government will work out a more modest way of funding education, including the students loans expected to commence in January 2024 while also working our ways of addressing standing issues in the country.

The President asked the lawmakers to critically review the estimate and ensure that only projects that are in line with the mandate of the government are allowed to sail through.