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.