Nigerian president presents $35b budget to parliament

Nigerian President Bola Tinubu has presented a 27.5 trillion naira ($35 billion) 2024 financial year budget to both houses of parliament – the Senate and the House of Representatives.

The president described the financial plan as the "Budget of Renewed Hope" on Wednesday.

The government had earlier projected to use 26.1 trillion naira ($33.1 billion) in the 2024 financial year, but revised up the estimates to 27.5 trillion naira ($35 billion).

Tinubu has prioritised security, agriculture, transport, and healthcare, among other key sectors, in his first budget as president.

External loan

The head of state had, on Tuesday, asked the Senate to allow the government to borrow $8.6 billion externally to fund the 2022-2024 deficit.

He said the borrowed funds will be used on road construction and maintenance, building water and railway facilities, electricity connection, and health care.

Tinubu's first six months as president have been marred by cost of living protests.

The demonstrators accused the head of state of pushing up the cost of living after he removed a longstanding fuel subsidy upon assuming office on May 29.

Tinubu also faces a major task of strengthening the naira against the US dollar, which has gained value significantly against the Nigerian currency.