President Bola Tinubu addressed the National Assembly on Wednesday, revealing the focal points of the 2024 Budget of Renewed Hope. Prioritizing national defense, internal security, job creation, and economic stability, the President outlined key initiatives for the upcoming fiscal year.
In his speech, President Tinubu emphasized a comprehensive overhaul of the internal security architecture to strengthen law enforcement capabilities and protect lives, property, and investments nationwide. Human capital development, especially for children, was underscored as critical for the nation’s progress.
Economic stability took center stage, with the President expressing optimism about Nigeria’s expected minimum growth of 3.76 percent, surpassing the world average. The budget allocates resources to support renewable energy projects, positioning Nigeria as a regional leader in sustainability.
With the COP28 climate summit approaching, President Tinubu directed government agencies to secure funding commitments to bolster Nigeria’s energy transition. He called for international partnerships and investments aligned with national goals, aiming to highlight Nigeria’s strides in creating a sustainable energy environment.
The President presented a conservative oil price benchmark, daily oil production estimate, and an exchange rate for 2024. The 2024 Appropriation Bill, totaling 27.5 trillion naira, focuses on non-debt recurrent expenditure, debt service, and capital expenditure. The budget deficit is projected at 3.88 percent of GDP, with financing through new borrowings, privatization proceeds, and multilateral and bilateral loans.
President Tinubu affirmed his administration’s commitment to broad-based economic prosperity, highlighting a review of social investment programs and efforts to contain financial leakages. He commended the collaborative efforts of the 10th National Assembly and urged a thorough review of the budget estimates in line with national interests and sectoral mandates.
- By Ken Gbados