The Bola Tinubu administration has its sights set high for 2024, projecting a record N26 trillion budget to boost Nigeria’s economy. The proposed spending plan, the largest in the country’s history, will soon be submitted to the National Assembly for swift passage before year-end.

Budget and Planning Minister Atiku Bagudu announced the massive N26 trillion budget envelope following approval of the 2024-2026 Medium Term Expenditure Framework by the Federal Executive Council (FEC). Key assumptions backing the budget include $73.96 per barrel oil and N700/$1 exchange rate targets.

The government hopes to attract sufficient investment inflows to strengthen the naira. Rising personnel, pension and debt costs account for major portions of the N26 trillion projected expenditures.

While the focus is on growth, Tinubu aims to maintain fiscal prudence.

Alongside the record N26 trillion budget, the FEC also established a new Presidential Council on Industrial Revitalization to boost local manufacturing. With the economy front and center, Tinubu is pushing an expansionary agenda to lift growth and development.