In a crucial address to the joint session of the National Assembly on Wednesday in Abuja, President Bola Tinubu outlined the key priorities of the 2024 Budget of Renewed Hope.
Emphasizing the significance of Nigeria’s national defense, internal security, job creation, economic stability, investment environment optimization, human capital development, poverty reduction, and social security, the President presented a comprehensive plan for the nation’s growth.
President Tinubu highlighted the overhaul of the internal security architecture to enhance law enforcement capabilities, ensuring the safeguarding of lives, property, and investments across the country.
The proposed budget places a strong focus on human capital development, particularly for children, recognizing it as the most critical resource for national development.
“To improve the effectiveness of our budget performance, the government will focus on ensuring value for money, greater transparency, and accountability,”
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President Tinubu stated. He affirmed the government’s commitment to working closely with development partners and the private sector.
In addressing long-standing issues in the education sector, the President announced the implementation of a more sustainable model of funding tertiary education, including the operationalization of the Student Loan Scheme by January 2024.
President Tinubu stressed the importance of a stable macro-economic environment in catalyzing private investment and accelerating economic growth.
He expressed optimism, projecting a minimum economic growth of 3.76 percent, above the forecasted world average, and a moderation of inflation to 21.4 percent in 2024.
The President’s budget also highlighted a commitment to a greener future, emphasizing public-private partnerships for big-ticket infrastructure projects in energy, transportation, and other sectors.
The allocation of resources to support innovative and environmentally conscious initiatives aims to position Nigeria as a regional leader in sustainable energy.
In the context of COP28 climate summit preparations, President Tinubu directed government agencies to secure substantial funding commitments to bolster Nigeria’s energy transition.
He called upon representatives to actively engage in showcasing Nigeria’s progress in creating an enabling environment for sustainable energy projects.
The budget proposed a conservative oil price benchmark of $77.96 per barrel, a daily oil production estimate of 1.78 million barrels, and a Naira to U.S. Dollar exchange rate of 750 naira per U.S. Dollar for 2024.
With an aggregate expenditure of 27.5 trillion naira proposed for the Federal Government in 2024, President Tinubu outlined the allocations for non-debt recurrent expenditure, debt service, and capital expenditure.
The budget deficit is projected at 3.88 percent of GDP, lower than the previous year, and will be financed by new borrowings, privatization proceeds, and loans secured for specific development projects.
President Tinubu concluded by commending the collaborative efforts of the 10th National Assembly in renewing hope for Nigerians, urging a focused and equitable budget review process aligned with the administration’s vision.
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