Nigeria: President Tinubu Says Budget Is set to Offer Reforms

The Nigerian president revealed his inaugural budget, aiming to address the country's escalating cost of living crisis. The proposed expenditure for the upcoming financial year is 27.5 trillion naira ($34.85bn; £27bn). 

Bola Ahmed Tinubu expressed confidence that these plans would stimulate investment and provide hope amidst the challenging economic climate. Previously, Mr. Tinubu had urged the public to remain patient as inflation surged following a series of ambitious reform policies. His decision to eliminate a long-standing fuel subsidy during his inaugural speech shocked many Nigerians.

The decision resulted in a significant increase in fuel and commodity prices, exacerbating the burden of the high cost of living for the masses.

According to Mr Tinubu, his proposed budget of renewed hope "seeks to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security". 

Mr Tinubu anticipates that increased oil production and tax collection will boost government revenues, reducing the need for borrowing. 

He predicts that the economy will grow by 3.76% in 2024, with inflation expected to be around 21.4%. Official statistics indicate that inflation rose from 26.72% in September to 27.3% in October.

The passing of the budget proposal by Parliament is set to occur prior to the commencement of the upcoming year.