Business News

2024 Budget: FG projects 5.93%-point decline in inflation rate by 2024

The federal government has announced that its projection for the 2024 fiscal year inflationary rate stands at 21.4%, a 5.93%-point decline from its current 27.33% rate.

President Bola Tinubu made this disclosure during his presentation of the 2024 appropriation bill to the National Assembly on Wednesday.

He further stated that the proposed Budget 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.

According to the Nigeria Bureau of Statistics, Nigeria’s headline inflation rate stands currently at 27.33%, an almost two-decade high since 2005.

In addition, KPMG, a global financial advisory service firm, stated that Nigeria’s inflation rate will reach 30% by December 2023.

Meanwhile, President Tinubu said the government through a collaboration with the fiscal and monetary policy instruments is working to bring down the rate by almost 6% in 2024.

Tinubu said,

The President also stated that the government is positioning the country for investment programs to enhance economic growth as well as fix financial leakages.

He added that the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households.