President Bola Tinubu on Wednesday said Nigeria’s budget deficit is expected to narrow to roughly 3.9% of gross domestic product (GDP) next year from about 6.1% this year.
He spoke while presenting a 27.5 trillion naira ($34.85 billion) 2024 budget to the National Assembly.
Tinubu added in his first budget speech to lawmakers since being elected that spending priorities in 2024 would include security, infrastructure and measures to ease a cost-of-living crisis.
The president has embarked on reforms that he expects will help expand the country’s economy by a minimum of 3.76%.
Tinubu’s administration is working towards balancing the needs of citizens from the impact of double-digit inflation and the removal of a fuel subsidy while keeping spending in check by reducing borrowing.
