Senate pass 2024-2026 budget framework with naira at 700 to dollar next year

Date:

ABUJA, Nov 21 – Nigeria’s lower house of parliament passed the medium-term expenditure framework for 2024-2026 on Tuesday, a set of assumptions that will be used to prepare the country’s budget over the next three years.

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The document, which was agreed by President Bola Tinubu’s cabinet before going to the House of Representatives for approval, expects the naira currency to be around 700 naira per dollar next year before firming slightly in 2025 and 2026

The naira last week briefly slumped to a record low of 1,105 against the dollar on the official market, bringing the official exchange rate within touching distance of the parallel market rate. The currency later recovered to around 800 naira.

The government is projecting a slight rise in crude production and gross domestic output growth, with a moderation in double-digit inflation.

The fiscal framework must also be passed by the upper chamber of parliament

Tinubu is also due to send the country’s 2024 spending plan of 26 trillion naira ($34 billion) to parliament for approval.

Below are some of the assumptions in the medium-term expenditure framework:

2024
2025
2026
Exchange rate (per $)
700 naira
665.61 naira
669.79 naira
Oil production (per barrel)
1.78 mln
1.80 mln
1.81 mln
Oil Price ($)
$73.96
$73.76
$69.90
GDP growth
3.76%
4.22%
4.78%
Inflation rate
21.40%
20.30%
18.60%
Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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