Nigeria’s budget has undergone significant changes under President Bola Ahmed Tinubu’s administration in 2024 .
This revelation was made from a viral article by Onovughe Igwe. The article analyzes the total budget for 2024 which stands at N35 trillion, with a substantial revenue of N26 trillion and reduced borrowing of N9 trillion. The capital budget is N14 trillion, recurrent expenditure is N11 trillion, and debt servicing is N8 trillion.
Notably, there is no borrowing for fuel subsidy or Naira defense, and electricity subsidy is significantly reduced to N1 trillion. This indicates that after debt servicing, Nigeria still has sufficient funds to pay salaries and execute projects, with borrowing strictly for debt servicing
The remarkable differences in Nigeria’s budget under the previous administration 2023 (PBAT) and the current one under President Bola Ahmed Tinubu (2024). In the previous administration, Nigeria’s 2023 budget was N21 trillion, with a revenue of N10 billion and borrowing of N11 trillion. A staggering N6.7 trillion was borrowed for subsidy, N2 trillion for electricity subsidy, and N6.5 trillion for debt servicing, leaving only N8.5 trillion for recurrent expenditure and N6 trillion for capital expenditure. This meant Nigeria was borrowing to pay salaries, with no funds left for capital project.
Key Improvements Under PBAT’s Administration:
* Increased Revenue: N26 trillion revenue, up from N10 billion
* Reduced Borrowing: N9 trillion borrowing, down from N11 trillion
* Increased Capital Budget: N14 trillion capital budget, up from N6 trillion
* Elimination of Fuel Subsidy Borrowing: No borrowing for fuel subsidy
* Reduced Electricity Subsidy Borrowing: N1 trillion, down from N2 trillion
* No Naira Defense Borrowing: No borrowing for Naira defense.
According to Brooom Nigeria, the Onovughe Igwe trending article concludes that with the expected tax reforms, Nigeria anticipates increased revenue from 2025, solidifying the foundation for economic growth and developments.
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