FG moves forward with a modest budget and suggests N27.5 trillion for the following year.

The Federal Executive Council (FEC) has approved a total expenditure of N27.5 trillion for the next year. 

The budget details may be presented to the National Assembly, with President Tinubu expected to deliver the appropriation bill. 

The proposed budget is facing scrutiny for its reliance on debt financing, spurious revenue benchmarks, and perceived lack of ambition in public spending. 

The estimated spending for 2024 falls short of the level needed to achieve President Tinubu's ambitious goal of growing the economy to $1 trillion. 

Experts criticize the budget as insufficient, suggesting that Nigeria should be spending ten times the proposed amount to maximize its economic potential. 

The budget also maintains controversial oil production benchmarks and faces concerns about the country's debt position.