Nigeria revises 2024 budget to $33 billion, raises oil price assumption

Nigeria has revised its 2024 budget upwards by 1.5 trillion naira to 27.5 trillion naira ($32.76 billion), Budget Minister Atiku Bagudu said on Monday, after increasing the oil price benchmark and lowering the naira exchange rate assumption.

Bagudu told reporters after a cabinet meeting that the cabinet had revised its oil price assumption up by $4 per barrel to $77.96 and its assumed currency value down to 750 naira per dollar, compared with 700 naira.

The minister had last month said the country planned to spend 26.01 trillion naira for its 2024 budget.

($1 = 839.5400 naira)

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