Between 2014 and 2021, Nigeria’s National Budget increased from N4.70 trillion to N13.08 trillion, increase of 178.3%, and between 2014 and 2023 the budget has increased from N4.70 trillion to N20.51 trillion, increasing by 336.4%.

But the interesting thing is the reality comes to life when the budget is converted to US Dollars, while the budget increased from N4.70 trillion to N13.08 trillion from 2014 to 2021 (178.3%) the dollar valued remained almost the same using the exchange rate in the budget for each year, in 2014 the US dollars equivalent of the budget was US$29.34 billion and by 2021 had only increased to US$31.89 billion (8.7%), between 2014 and 2021 the average national budget was US$29.04 billion while population increased from 176.4 million in 2014 to 213 million in 2021.

It wasn’t until 2022 that Nigeria’s national budget crossed US$40 billion for the first time in history to reach US$41.74 billion and reaching US$47.15 billion in 2023, between 2014 and 2023 the Naira equivalent of the budget increased by 336.4% while the US Dollars increased by only 60.7%.

Nigeria is a country rich in Mineral and Human resources but a poor country in wealth creation, the trillions of Naira we hear deceives us. Comparing the three largest economies in Africa only goes to substantiate this fact…..Nigeria with a projected population of 215 million people as at 2022 will operate a 2023 national budget of US$47.15 billion with a budget deficit of US$24.82 billion (52.65%), South Africa with a population of 59.4 million people is operating a budget size of US$136.6 billion dollars for its 2022/2023 fiscal year, while Egypt with a population of 109.3 million people is operating US$111 billion 2022/2023 national budget.

South Africa is just 28% of Nigeria’s population, but Nigeria’s budget is just 34.5% of South Africa’s budget and 42.5% of Egypt’s budget and Egypt is only 51% of Nigeria’s population. Nigeria’s budget per capita is a mere US$221 while that of South Africa is US$2,300 and Egypt US$1,016. Nigeria needs a budget that can impact the economy and spur economic growth what the country presently operates is a drop compared to what it should be.

Watch Roman Oseghale give a detailed analysis of the 2023 budget and why it cannot impact the economy to spur the economic growth Nigeria needs to create wealth for its people.

Finance Minister, Enoch Godongwana, tabled the Medium-Term Budget Policy Statement in Parliament on Wednesday.

The Budget provides updates on government's financial goal progress and expenditure halfway through the financial year. For more, eNCA speaks to local Government and Revenue Expert and Group Chief Advisor of Ntiyiso Consulting Miyelani Holeni. #DStv403

Nigeria has been battling double-digit inflation since 2016, leading the central bank to raise interest rates significantly.

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South African labor unions, including the Congress of South African Trade Unions (Cosatu) and the South African Federation of Trade Unions (Saftu), have announced their intent to engage in strike action, in response to planned budget cuts by the National Treasury.

The unions expressed concerns that these cuts, set to be unveiled in the country's medium-term budget policy statement later this week, would disproportionately affect workers and vulnerable communities.

Anchor: Lekan Onabanjo
Guest: Trevor Shaku, Spokesperson; South African Federation of Trade Unions.

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The South African Reserve Bank forecasts a mere 1 percent GDP growth in 2024. Treasury has been warning against continued spending amidst decreasing revenue, which limits its capacity to service the country's debt. Finance Minister Enoch Godongwana is due to reveal details in his Medium Term Budget speech. Courtesy #DStv403

PwC's Andrew Chibuye, Country Senior Partner shares his commentary on the 2022 Zambia National Budget. Part 1

Finance Minister, Mr Enoch Godongwana, is scheduled to deliver the Medium-Term Budget Policy Statement to the National Assembly at the Cape Town City Hall on Wednesday, 01 November 2023 at 14:00. On the same day, he will introduce several Section 77 (Money) bills, including the Adjustments Appropriation Bill, Rates and Monetary Amounts and Amendment of Revenue Laws Bill, Taxation Laws Amendment Bill, and Revenue Laws Amendment Bill.

The MTBPS plays a critical role in the overall budget process because it sets out the policy framework for the upcoming budget and provides the country and its elected representatives with an update on the National Treasury's assessment of the current economic climate and outlook.

https://nation.africa/
Comparison of Kenya, Tanzania and Uganda budgets for 2023/24

Finance Minister Enoch Godongwana, will deliver the Medium-Term Budget Policy Statement (MTBPS) in Parliament on 1 November 2023.

On Thursday, the Finance Minister, Matia Kasaija, presented the budget for the financial year 2023/24, amounting to UGX 52.7 trillion. Kasaija highlighted that UGX 22 billion has been allocated for the settlement of outstanding arrears owed to medical interns and senior house officers. Meanwhile, the public debt stock is projected to rise to 89 trillion shillings within a fortnight, surpassing the current figure of 80 trillion shillings recorded in March. #NTVNews #NTVTonight #NTVWeekendEdition

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Analysts don’t expect any major tax increases from Finance Minister Enoch Godongwana on Wednesday but his National Budget is likely to spell out hikes in fuel levies and sin taxes. eNCA’s Devan Murugan takes a look. Courtesy #DStv403

Finance Minister Enoch Godongwana is delivering his medium-term budget speech in Parliament. #dstv403

Economists are optimistic that policy measures adopted by the government could help reduce the accumulated 80 trillion shillings of public debt.This assertion is conditional on the government maintaining a strict adherence to a reduced appetite for borrowing while widening the tax base. It is projected that the public debt will increase to 89 trillion shillings by the end of this month when the financial year ends.




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Citadel hosted a webinar with the Deputy Minister of Finance, Dr David Masondo, Professor Richard Calland from the Paternoster Group and our Chief Investment Officer, George Herman shortly after the National Budget was delivered. They discuss key themes that range from the energy crisis to South Africa's possible greylisting.

Join us for the 2023 budget speech held in Cape Town on February 22 2023.

The mini budget to be tabled today is expected to set the tone for next year’s national budget. It will also give us an idea of how National Treasury views the present economic situation. Government expenditure is exceeding revenue and there’s talks of tapping into the country's reserves. We discuss this with Chief Economist at Econometrix, Azar Jammine.#DStv403

The Finance Minister is warning the country's economic outlook is very weak. Enoch Godongwana was presenting his medium-term budget speech in Parliament yesterday. He says government is indebted to the tune of around R5-trillion. Chief Economist at the Efficient Group, Dawie Roodt, unpacks this further. #dstv403

While tabling his 2023 Budget, Finance Minister, Enoch Godongwana, has revealed that government debt remains high. To discuss the budget with economist Xhanti Payi and Dr Lumkile Mondi.

For more news, visit sabcnews.com and #SABCNews on all Social Media platforms.

(Watch Full speech) - South Africa’s Finance Minister Enoch Godongwana delivers the highly-anticipated 2023 budget in which he details measures to tackle Eskom’s R423 billion debt.