BREAKING: Tinubu set to borrow N7.8trn for 2024 budget deficit

President Bola Ahmed Tinubu announced plans to fund the 2024 budget through borrowing, estimating a total of approximately N7.8 trillion. Presenting his inaugural budget to the National Assembly, he expressed optimism, anticipating a 3.7 percent growth in the nation’s economy for 2024, surpassing the global prediction of 3.0 percent.

As of September 2023, the President noted that government revenue inflow had reached N8.6 trillion. Despite this shortfall, he assured that the government has been consistently meeting its obligations to the people.

President Tinubu also highlighted the government’s commitment to finding a more sustainable approach to funding education, including the implementation of student loans scheduled to commence in January 2024. Simultaneously, he emphasized addressing lingering issues within the country.

Calling on lawmakers, the President urged a thorough review of the estimates, emphasizing the importance of approving only projects aligned with the government’s mandate.

More details to follow shortly.