{"id":128549,"date":"2023-12-07T12:30:44","date_gmt":"2023-12-07T12:30:44","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/12\/07\/imfs-economic-projections-on-nigeria-always-wrong-ben-akabueze\/"},"modified":"2023-12-07T12:30:44","modified_gmt":"2023-12-07T12:30:44","slug":"imfs-economic-projections-on-nigeria-always-wrong-ben-akabueze","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/12\/07\/imfs-economic-projections-on-nigeria-always-wrong-ben-akabueze\/","title":{"rendered":"IMF&#8217;s Economic Projections On Nigeria Always Wrong \u2014 Ben Akabueze"},"content":{"rendered":"<p><\/p>\n<div>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-582129\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/12\/fg-released-n2-5trillion-for-capital-projects-in-2016-and-2017-budget-office-dg.jpg\" alt=\"\" width=\"360\" height=\"360\"  \/><\/p>\n<p>Ben Akabueze, the Director-General of the Budget Office of the Federation, says the projections of the Nigerian economy in the last four years by the International Monetary Fund (IMF) has been a wrong one.<\/p>\n<p>The Director General made the the disclosure on Wednesday as a guest on Channels Television\u2019s Politics Today when he spoke on the economic projections of the President Bola Ahmed Tinubu government for 2024.<\/p>\n<p>\u201cIn the last four years, IMF has got it wrong about our projections.<\/p>\n<p>\u201cOur actual growth have always beat their projections,\u201d he said.<\/p>\n<p>Tinubu, on November 29, 2023, presented his maiden budget estimates of N27.5trn for the year 2024 to the National Assembly<\/p>\n<p>According to the President, the economy is expected to grow by 3.76%, while \u201cinflation is expected to moderate to 21.4 percent in 2024.\u201d<\/p>\n<p><strong>READ ALSO: FG Budgets N2bn For SUVs\u2019 Replacements, N4bn For New Vehicles<\/strong><\/p>\n<p>\u201cBudget deficit is projected at 18 trillion naira in 2024 or 3.88 percent of GDP (Gross Domestic Product (GDP),\u201d the President had stated.<\/p>\n<p>The President\u2019s projection was at variance and \u201cambitious\u201d to the prediction of IMF earlier in October.<\/p>\n<p>The Washington-based lender had projected that the country\u2019s economy would grow at 3.1% in 2024.<\/p>\n<p>However, the Budget Office DG said IMF\u2019s projections \u201cdo not represent the holy grail on economic growth,\u201d adding that the organisation \u201ccan\u2019t get it right better than the people who have direct responsibility for managing their individual economies.\u201d<\/p>\n<p>Akabueze said the growth rate projected by the Tinubu government in its maiden budget \u201cdoesn\u2019t even yet reflect the ambition of the government\u201d, adding that the incumbent administration \u201cwants to double the GDP before the end of the first term.\u201d<\/p>\n<p>He maintained that the 2024 budget estimates awaiting approval at the National Assembly was \u201cway too small\u201d to Nigeria\u2019s need but the government had to cut its coat according to its cloth.<\/p>\n<div class=\"code-block code-block-7\" style=\"margin: 8px auto; text-align: center; display: block; clear: both;\">\n<div data-advadstrackid=\"890536\" data-advadstrackbid=\"1\" class=\"infor-target\" id=\"infor-2076040604\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/12\/300x250b.gif\" alt=\"\" width=\"300\" height=\"250\"\/><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ben Akabueze, the Director-General of the Budget Office of the Federation, says the projections of the Nigerian economy in the last four years by the International Monetary Fund (IMF) has been a wrong one. The Director General made the the disclosure on Wednesday as a guest on Channels Television\u2019s Politics Today when he spoke on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":128513,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-128549","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IMF&#039;s Economic Projections On Nigeria Always Wrong \u2014 Ben Akabueze - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/12\/07\/imfs-economic-projections-on-nigeria-always-wrong-ben-akabueze\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF&#039;s Economic Projections On Nigeria Always Wrong \u2014 Ben Akabueze - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Ben Akabueze, the Director-General of the Budget Office of the Federation, says the projections of the Nigerian economy in the last four years by the International Monetary Fund (IMF) has been a wrong one. 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