Accomplish Magazine January 2024

FEATURE / ANALYSIS
13.58% of the fiscal budget.
*Jonathan in 2011: While
aggregate government
expenditure stood at N4.299
trillion, 527.07 billion was
allocated for debt servicing
which is 12.59% of the fiscal
budgets.
* Buhari in 2016: While
aggregate government
expenditure stood at N6.06
trillion, 1475.3 billion was
allocated for debt servicing
which is 24.34 of the fiscal
budgets.
Budget Deficit:
The 2024 fiscal budget further
reveals the ‘Deficit budget.’ This
implies that the government’s
estimated expenditure of
N27.5 trillion is greater than her
proposed estimated revenue of
N18.32 with a variance of N9.18
trillion known as ‘Deficit budget.’
Compared to His Predecessors:
Yar’Adua in 2008: While
aggregate government
expenditure stood at N2.74
trillion, the estimated revenue
was N2.226 trillion. This indicates
that the estimated expenditure
is greater than that of revenue
with a variance of N514 billion.
Jonathan in 2011: While
aggregate government
expenditure stood at N4.299
trillion, the estimated revenue
is N3.393 trillion. This indicates
that the estimated expenditure
is greater than that of revenue
with a variance of N906 Billion.
*Buhari in 2016: While
aggregate government
expenditure stood at N6.06
trillion, estimated revenue is
N2.855 trillion. This indicates
•Yar’Adua
•Goodluck Jonathan
•Buhari
that the estimated expenditure
is greater than that of revenue
with a variance of N2.205 trillion.
Statutory Transfer:
Ranking the government
expenditure in terms of
allocation as presented by
President Bola Ahmed Tinubu
for the year 2024, among the
five items listed in the fiscal
budget that sum up to N27.5
trillion, statutory transfer, ranked
the fourth position as N1.37
trillion was allocated, which
shows that 4.98 percent of the
fiscal budget goes to statutory
transfer.
As compared to His
Predecessors:
Yar’ Adua in 2008: While
aggregate government
expenditure stood at N2.74
trillion, statutory transfer was
N162.57 billion. This indicates
that of the estimated
expenditure, 5.93 percent is
allocated to statutory transfer.
Jonathan in 2011: While
aggregate government
expenditure stood at N4.299
trillion, the statutory transfer was
N326.7 billion. This indicates that
of the estimated expenditure,
7.59 percent is allocated to
statutory transfer.
Buhari in 2016: While aggregate
government expenditure stood
at N6.06 trillion, the statutory
transfer was N351.3 billion. This
indicates that of the estimated
expenditure, 5.79 percent is
allocated to statutory transfer.
Further insights into the
2024 budget christened ‘The
Renewed Hope Budget’ as
compared to 2023 budget
proposal are analysed below:
Following the presentation
of the budget, some key
assumptions are within Nigeria’s
Federal Government’s 2024-
2026 Medium-term Expenditure
Framework (MTEF), including
$77.96 per barrel of crude oil,
1.76 million bpd of crude oil
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