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Nigerian lawmakers pass 2024 budget after Tinubu seeks extra funds

Nigerian lawmakers pass 2024 budget after Tinubu seeks extra funds

NIGERIAN lawmakers approved a 28.77 trillion naira ($34 billion) budget for 2024, accepting a funding increase that the government had sought due to higher revenue forecasts and a weaker currency. President Bola Tinubu had initially presented a 27.5 trillion naira budget to lawmakers, projecting a deficit of 3.9% of gross domestic product (GDP) and assuming an average exchange rate of 750 naira per dollar. But at a special sitting on Saturday, the Senate and House of Representatives separately debated the budget and resolved to adopt it with the changes sought by the government. The government said it expected more revenue from government-owned…
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Mozambique sees higher economic growth, wider deficit in 2024

Mozambique sees higher economic growth, wider deficit in 2024

Mozambique sees economic growth picking up to 5.5% next year but its budget deficit widening to 10.4% of gross domestic product (GDP) driven by debt service, public sector wage reforms and election spending, its finance minister said on Wednesday. Those forecasts compare with 2023 targets of 5.0% growth and a budget deficit of 8.7% of GDP. Finance minister Max Tonela gave the latest projections in a 2024 budget speech, saying next year's deficit would be financed by external grants amounting to 5.4% of GDP, foreign loans of 1.9% of GDP and domestic borrowing of 3.0% of GDP. 2024 growth would…
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Africa will outperform world in economic growth

Africa will outperform world in economic growth

BIRD STORY AGENCY AFRICA'S gross domestic product (GDP) is projected to grow at 4 per cent over 2023–24, according to the African Development Bank Group (AfDB). In the inaugural release of a report dubbed 'Africa's Macroeconomic Performance and Outlook' released on January 19, the group reported that "growth across all five African regions was positive in 2022 and the outlook for 2023–24 is projected to be stable." The projections are higher than expected global figures (2.7% and 3.2% respectively) for the same period. Africa's top five performing economies before the COVID-19 pandemic are expected to grow by over 5.5% on…
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