FG Eyes N298.4 Billion from Asset Sales in 2024 Budget
The Nigerian federal government aims to generate N298.4 billion in revenue from the sale of specific government assets in 2024, according to details in the 2024 appropriation bill.
The move is seen as a strategy to finance public debts and alleviate the fiscal burden on the government. The budget breakdown, presented by Chairman of the Senate Committee on Appropriations, Solomon Adeola, reveals that the government also expects to generate N2.8 trillion from government-owned enterprises as a net surplus in the 2024 fiscal year.
The 2024 budget proposal, termed the “Budget of Renewed Hope,” was presented to the National Assembly by President Bola Tinubu, featuring a total estimate of N27.5 trillion.
The government anticipates national revenue of N18.32 trillion, with a deficit of N9.18 trillion.
To achieve macroeconomic stability, increase revenue, and reduce the deficit, President Tinubu emphasized promoting public-private partnerships and leveraging private capital for significant infrastructure projects in energy, transportation, and other sectors.
In support of the move towards a greener future, the budget allocates resources for environmentally conscious initiatives, aiming to position Nigeria as a regional leader in the global clean and sustainable energy movement.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted that privatization efforts would drive macroeconomic growth, allowing investors to actively participate in the economy.
The privatization initiative within the budget is expected to create a stable macroeconomic environment for investors while reducing the government’s direct involvement in certain sectors.
This comes as Nigeria grapples with a debt service-to-revenue ratio of 73.5% and a total public debt of N87.38 trillion. President Tinubu projects a reduction in the deficit to GDP ratio from 6.1% to 3.9% in 2024.
Source: Nairametrics
