Today, His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR, President of the Federal Republic of Nigeria, presented the administration’s 2024 Budget Proposal at the Joint Session of the 10th National Assembly in Abuja. The theme of the budget, aptly named “The Renewed Hope Budget,” reflects the government’s commitment to fostering economic growth, job creation, and environmental preservation.
In his address, President Tinubu acknowledged the collaborative efforts of the National Assembly, highlighting the swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. He emphasized the importance of working together to serve the people of Nigeria.
President Tinubu outlined the prevailing economic challenges, both globally and domestically, while commending the resilience of the Nigerian economy. The Budget of Renewed Hope focuses on macro-economic stability, reducing the deficit, and addressing critical infrastructure needs.
Key priorities of the 2024 Budget include defense and internal security, human capital development, poverty reduction, and social security. The government aims to improve budget performance through increased transparency, accountability, and collaboration with development partners and the private sector.
Addressing the challenges of the education sector, the President announced the implementation of a more sustainable model for funding tertiary education, including the Student Loan Scheme scheduled to become operational by January 2024.
President Tinubu underscored the commitment to a greener future, allocating resources to support innovative and environmentally conscious initiatives. The government seeks to position Nigeria as a regional leader in clean and sustainable energy, actively engaging in global climate action.
The proposed budget outlines an aggregate expenditure of 27.5 trillion naira for 2024, with a focus on meeting debt obligations and financing through borrowings, privatization proceeds, and multilateral and bilateral loans for specific development projects.
The President expressed confidence that the 2024 Budget would set Nigeria on a transformative path towards a sustainable and resilient energy future, fostering economic growth and improving the general living conditions of the people.
As the government reviews tax and fiscal policies, it invites the private sector to partner in financing critical infrastructure through Public Private Partnership arrangements. President Tinubu commended the collaborative spirit of the 10th National Assembly and expressed the Executive’s commitment to sustaining and deepening the relationship.
The President concluded by laying before the National Assembly the 2024 Budget Proposals, expressing gratitude for their attention and calling for collective efforts towards a brighter and cleaner future for Nigeria.
May God bless the Federal Republic of Nigeria.
Babatunde A.
LV