The Nigerian Senate has approved projections for the 2024 fiscal year under the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP).
The projections were approved today, Wednesday, November 22, during the Senate’s plenary session.
The critical projections for 2024 include:
- Daily crude production is set at 1.78 million barrels at $73.6 per barrel.
- The exchange rate was approved at 700 naira to the dollar.
- The GDP growth rate is projected at 3.76 per cent.
- A budget projection of 26 trillion naira for 2024, with 16.9 trillion naira earmarked as projected revenue.
- Approval of a 9 trillion naira deficit for the 2024 fiscal year.
The Senate’s passage of the MTEF-FSP sets the groundwork for financial planning and economic projections over the next three years, outlining key figures and estimates to guide fiscal policies and government spending.
