Overview

The document is the 2024 First Quarter Budget Implementation Report (BIR) published by the Budget Office of the Federation under the Ministry of Budget and Economic Planning of Nigeria. The report provides detailed information on the distribution and utilization of public resources across socio-economic needs and government Ministries, Departments and Agencies (MDAs) for the first quarter of 2024. The 2024 Appropriation is titled 'Budget of Renewed Hope' and its parameters are based on the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). Allocations to MDAs align with the core objectives of the National Development Plan (NDP) 2021-2025, aiming to maintain fiscal viability and reposition the Nigerian economy for recovery, growth, and resilience. The publication complies with Sections 30 and 50 of the Fiscal Responsibility Act, 2007, requiring quarterly reports to the Joint Finance Committee of the National Assembly and the Fiscal Responsibility Commission. The report acknowledges contributions from the Budget Monitoring and Evaluation Department and relevant MDAs. The preface notes that the 2024 budget was prepared amid global and domestic challenges, including geopolitical tensions (Russia-Ukraine war), high inflation, exchange rate depreciation, and insecurity. Ongoing capital projects from the 2023 budget were rolled over to 2024 to ensure completion. Implementation in Q1 2024 faced significant macroeconomic disruptions, with aggregate revenue underperforming.

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