Nigeria has unveiled its 2024 budget of 26.01 Trillion Naira ($34 billion), assuming an oil price of $73.96 per barrel and an exchange rate of 700 naira per dollar. The budget allocates 8.25 trillion naira for debt service and 7.78 trillion naira for salaries and pensions. The country expects its economy to grow at a rate of 3.76% in the coming year. However, Nigeria is currently facing a 20-year high inflation rate of 27.72%, which is expected to moderate to 21% in 2024. President Bola Tinubu is under pressure to address economic challenges, worsened by the removal of a petrol subsidy.

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