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Predictions on Nigeria’s economy for 2024

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By Mercy Kelani

DG of Nigerian Budget Office says IMF is wrong about its predictions.

Ben Akabueze, the Director-General of the Federation’s Budget Office, has strongly criticized the International Monetary Fund (IMF) for their consistently inaccurate forecasts regarding the Nigerian economy over the past four years. During the recent airing of a political talk show called Politics Today, Akabueze expressed his disapproval of the predictions of the International Monetary Fund (IMF) over the past four years by stating that the IMF has consistently failed to accurately forecast the nation’s economic growth.

The federation has consistently surpassed their projections with its actual growth. Akabueze presented his insights on the anticipated economic trajectory under President Bola Tinubu’s administration for the year 2024. The National Assembly (NASS) was presented with the President’s first budget proposal for the year 2024 on November 29, 2023. The estimated budget for the upcoming year amounts to N27.5trn. On the same day, in the capital city of Abuja, President Bola Ahmed Tinubu made a presentation.

A decrease in inflation has been forecasted, with an expected moderation.

Nigerian President, Asiwaju Bola Ahmed Tinubu, delivered his presentation on the budget proposal for the year 2024. The President has predicted that the economy will experience a growth rate of 3.76% in the near future. Additionally, a decrease in inflation has been forecasted, with an expected moderation to 21.4% by the year 2024. Judging by the announcement of the President, it is estimated that the budgetary shortfall in 2024 will amount to a substantial 18 trillion naira.

This prediction made by the President of Nigeria is equivalent to 3.88 percent of the Gross Domestic Product (GDP) of the nation. However, the forecast of the President differed significantly and was deemed ambitious compared to the International Monetary Fund’s earlier prediction in October, 2023. According to the IMF, the economy of the nation was expected to experience a growth rate of 3.1% by 2024, next year. On the other hand, there were statements made by the head of the Budget Office.

Projected growth rate falls short of the aspirations of the government.

In his statement, he asserted that the forecasts made by the International Monetary Fund (IMF) are not the ultimate solution for achieving economic growth. He further stated that the International money lender cannot surpass the accuracy of those who are directly accountable for the management of their respective economies. In the inaugural budget of the federation, the Tinubu-led government has been said by Akabueze to have not adequately reflected the ambitious nature of the administration.

According to Ben Akabueze, the Director-General of the Federation’s Budget Office, the projected growth rate falls short of the aspirations of the government. He further highlighted that the current administration aims to double the GDP within its first term. According to the Budget Office boss, the proposed budget estimates for next year, 2024, which is currently pending approval at the National Assembly, were deemed to be inadequate in meeting the sacrosanct requirements of the country.

Appropriation bill to address the needs of the underprivileged.

However, it was acknowledged by Akabueze that the federal government of Nigeria had no choice but to trim its expenses in line with its available resources. Amidst the disapproval faced by the 2024 budget estimates, the Director General of the Budget Office remains insistent and affirmed that the appropriation bill genuinely seeks to address the needs of the poor and underprivileged citizens of the nation when it comes to healthcare, security, education, and the economy.


Related Link

IMF: Website


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AN-Toni
Editor
2 months ago

Predictions on Nigeria’s economy for 2024. – DG of Nigeria’s Budget Office says IMF is wrong about its predictions. – Express your point of view.

Kazeem1
Member
2 months ago

According to the IMF’s forecasts, Nigeria’s economy would not look like this in 2024, according to the head of the country’s budget office. When preparing economic projections, it is crucial to take into account a variety of perspectives and circumstances. The economy’s long-term performance is yet unknown.

Adeoye Adegoke
Member
2 months ago

Well, it’s always interesting to hear different perspectives on economic predictions. The Director-General of Nigeria’s Budget Office expressing disagreement with the IMF’s predictions shows that there are varying opinions on Nigeria’s economy for 2024.
Economic predictions can be complex and are often based on various factors such as GDP growth, inflation rates, government policies, global economic trends, and more. It’s not uncommon for different organizations or individuals to have differing views on the future direction of an economy.
While the IMF is a reputable international organization with expertise in economic forecasting, it’s important to consider that the Director-General of Nigeria’s Budget Office likely has insights and data specific to Nigeria’s economic situation. They may have a different perspective based on internal analysis and factors unique to the country.
In situations like these, it’s always beneficial to have open discussions and debates to better understand the different viewpoints. It allows for a more comprehensive analysis of the economic landscape and helps policymakers make informed decisions.
Ultimately, only time will tell how Nigeria’s economy will perform in 2024. It’s essential to closely monitor economic indicators, government policies, and global trends to have a clearer picture. Let’s hope for a positive and prosperous economic future for Nigeria.

Taiwo
Member
2 months ago

Forecasts regarding the Nigerian economy in 2024. According to the DG of Nigeria’s Budget Office, the IMF’s projections are inaccurate.They might see things differently because of national variables and internal analysis.Public addresses and conversations are always helpful in instances like this to better comprehend each side of opinion. It makes it possible to analyze the economic environment more thoroughly and improves selection by regulators.