The Director-General of the Budget Office of the Federation, Ben Akabueze, has expressed dissatisfaction with the International Monetary Fund’s (IMF) economic projections for Nigeria over the past four years.
Speaking on Channels Television’s Politics Today program, Akabueze stated that the IMF consistently erred in its predictions, as the actual growth of the Nigerian economy consistently surpassed their projections.
Contrary to the IMF’s forecast made in October, where the Washington-based lender anticipated a 3.1% growth for Nigeria’s economy in 2024, President Buhari presented a more optimistic outlook. According to the President, the economy is expected to achieve a growth rate of 3.76%, with inflation moderating to 21.4% in 2024. Additionally, the budget deficit is projected at 18 trillion naira in 2024, equivalent to 3.88% of the Gross Domestic Product (GDP).
Akabueze defended the ambitious projections, asserting that they do not fully encapsulate the government’s aspirations. He highlighted the administration’s goal of doubling the GDP before the conclusion of its first term.
Despite acknowledging that the 2024 budget estimates currently awaiting approval in the National Assembly might be perceived as insufficient for the country’s needs, Akabueze emphasized that the government had to operate within its means.
The Budget Office director general insisted that, despite criticisms of the 2024 budget estimates, the appropriation bill prioritizes essential areas such as healthcare, security, education, and the overall economy, with a focus on addressing the needs of the less privileged in the society.