Overview

The document is the Second Quarter and Half-Year 2024 Budget Implementation Report (BIR) from the Budget Office of the Federation, Ministry of Budget and Economic Planning in Nigeria. It provides information on the performance of the Federal Government of Nigeria (FGN) budget during the first half of 2024. The 2024 Appropriation, titled 'Budget of Renewed Hope', was based on parameters from the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), aligning with the National Development Plan (NDP) 2021-2025. The report complies with Sections 30 and 50 of the Fiscal Responsibility Act, 2007, mandating quarterly budget implementation reports to the Joint Finance Committee of the National Assembly and the Fiscal Responsibility Commission (FRC). The report highlights challenges such as global economic slowing, inflation, and aggregate revenue falling short of prorate budget estimates, worsening the fiscal position. Despite this, the government delivered ₦211.81 billion in capital expenditure in the first half of 2024 to continue its reflationary expenditure programme. The foreword by Honourable Minister Sen. Abubakar Atiku Bagudu commends the Budget Office team, MDAs, FRC, and National Assembly for their roles in public financial management. The preface notes that the Budget Office monitors and evaluates budget implementation quarterly, using technology and models for timely and accurate processes, in line with Nigeria's Open Government Partnership commitments.

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