The federal Executive Council has approved the 2024 appropriation bill of N27.5 trillion, to be presented by president Bola Ahmed Tinubu.
On President Bola Tinubu’s plans to finance the 2024 Fiscal budget, Here’s what you need to know.
Breaking down the sppropration bill, Increase in Tax-to-GDP ratio with a target of 18% in the long run by widening tax net through the Fiscal Policy and Tax Reform Committee.
The implementation of VAT removal on Diesel aims to boost tax revenue, promote digitalization, and enhance overall efficiency.
Abia State to receive a $15 million concessional support loan from the AFDB, facilitated by the Federal Government, earmarked for waste management and road rehabilitation in Aba and Umuahia
– An approved $1 billion concessional loan from AFDB, with a 25-year repayment period at 4.2% per annum, is intended to foster macro-stability by restoring revenue and improving the foreign exchange situation.
– The $1 billion budget support serves as both a reward and backing for the government’s programs and ongoing macroeconomic reforms, contributing to the country’s financial viability.
The Federal Executive Council approval of 2 trillion aims to reduce the current interest rate on outstanding debt, potentially resulting in substantial savings of about 50 billion on debt servicing.
In the appropriate bill, the $1 billion for budget support is distinct from the $1 billion allocated for agriculture.
