…National Security, Job Creation Top Renewed Hope Budget

President Bola Ahmed Tinubu on Wednesday presented the financial outlook of the Federal Government by presenting the 2024 budget proposal tagged:” Budget of Renewed Hope” to the joint session of the National Assembly.

The President in the eight -page speech stressed his administration’s top priorities for 2024 to include national defence and internal security, local job creation, macro-economic stability, investment environment optimisation, human capital development, poverty reduction, and social security.

President Tinubu said the nation’s internal security architecture would be overhauled to enhance law enforcement capabilities with a view to safeguarding lives, property, and investments across the country.

According to him,the proposed budget prioritizes human capital development, with particular attention given to children stressing that human capital remains the most critical resource for national development.

His words:”To improve the effectiveness of our budget performance, the government will focus on ensuring value for money, greater transparency, and accountability. In this regard, we will work more closely with development partners and the private sector.

“To address long-standing issues in the education sector, a more sustainable model of funding tertiary education will be implemented, including the Student Loan Scheme scheduled to become operational by January 2024,” the President stressed.

On the economy, the President said a stable macro-economic environment was crucial in his administration’s bid to catalyze private investment and accelerate economic growth; hence, his government shall continue to implement business and investment friendly measures for sustainable growth.

“We expect the economy to grow by a minimum of 3.76 per cent, above the forecast world average. Inflation is expected to moderate to 21.4 per cent in 2024. In preparing the 2024 Budget, our primary objective has been to sustain our robust foundation for sustainable economic development. A critical focus of this budget and the medium-term expenditure framework is Nigeria’s commitment to a greener future.

“Emphasising public-private partnerships, we have strategically made provisions to leverage private capital for big-ticket infrastructure projects in energy, transportation, and other sectors. This marks a critical step towards diversifying our energy mix, enhancing efficiency, and fostering the development of renewable energy sources. By allocating resources to support innovative and environmentally conscious initiatives, we aim to position Nigeria as a regional leader in the global movement towards clean and sustainable energy.

“As we approach the COP28 climate summit, a pivotal moment for global climate action, I have directed relevant government agencies to diligently work towards securing substantial funding commitments that will bolster Nigeria’s energy transition. It is imperative that we seize this opportunity to attract international partnerships and investments that align with our national goals. I call upon our representatives to engage proactively to showcase the strides we have made in the quest to create an enabling environment for sustainable energy projects.

“Together, we will strive for Nigeria to emerge from COP28 with tangible commitments, reinforcing our dedication to a future where energy is not only a catalyst for development but also a driver of environmental stewardship,” he said.

President Tinubu said a conservative oil price benchmark of 77.96 U.S. Dollars per barrel and a daily oil production estimate of 1.78 million barrels per day were adopted after a careful review of global oil market trends, and that a Naira to U.S. Dollar exchange rate of 750 naira per U.S. Dollar was adopted for 2024 as well.

In a short breakdown of the 2024 Appropriation Bill, the president said: “Accordingly, an aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira. Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.

“The budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 per cent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023, which represented 6.11 per cent of GDP. The deficit will be financed by new borrowings totaling 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds, and 1.05 trillion naira draw down on multilateral and bilateral loans secured for specific development projects.”

He, however, said his administration remained committed to broad-based and shared economic prosperity. His words: “We are reviewing social investment programmes to enhance their implementation and effectiveness. In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households.”

The President also said efforts would be made to further contain financial leakages through the effective implementation of key public financial management reforms.

He commended the patriotic resolve of the 10th National Assembly to collaborate with the Executive on the mission to renew the hope of Nigerians and deliver on the promises made to Africa’s largest population.

“As you consider the 2024 Budget estimates, we trust that the legislative review process will be conducted with a view to sustaining our desired return to a predictable January-December fiscal year. I have no doubt that you will be guided by the interest of all Nigerians.

” We must ensure that only projects and programmes with equitable benefits are allowed into the 2024 Budget. Additionally, only projects and programmes that are in line with the sectoral mandates of MDAs and those which are capable of realizing the vision of our administration should be included in the budget,” the President stressed.

President of the Senate,Senator Godswill Akpabio in his welcome address promised that the National Assembly would continue to work hand – in – hand with the executive arm of government to serve Nigerians.

While promising that the National Assembly would give the budget speedy consideration, Senator Akpabio called on the President to compel his ministers not to travel outside the country throughout the budget defence period.

Speaker of the House of Representatives, Hon. Tajudeen Abbas disclosed that the National Assembly would be Organising town hall meetings, the first of its kind since 1999, to bring budget consideration close to the people and thus have intense and robust engagement.

Full Text of Budget Speech Attached

Budget 2024 Speech by Tinubu

President of the Senate, Senator Godswill Akpabio in his welcome address promised that the National Assembly would continue to work hand – in – hand with the executive arm of government to serve Nigerians.

While promising that the National Assembly would give the budget speedy consideration, Senator Akpabio called on the President to compel his ministers not to travel outside the country throughout the budget defence period.

Speaker of the House of Representatives, Hon. Tajudeen Abbas disclosed that the National Assembly would be Organising town hall meetings, the first of its kind since 1999, to bring budget consideration close to the people and thus have intense and robust engagement.