President Bola Tinubu addressed a joint session of the National Assembly on Wednesday, unveiling the 2024 appropriation bill and outlining key sectors prioritized in the budget. Emphasizing the theme “Budget of Renewed Hope,” Tinubu highlighted areas such as national defense, internal security, job creation, macro-economic stability, human capital development, social security, poverty reduction, and investment.
The President acknowledged the swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework by the National Assembly, expressing confidence in their collaborative efforts for the 2024 Budget’s thorough deliberation and a targeted enactment date of January 1, 2024.
Reflecting on his first fiscal interventions as President, Tinubu noted the discontinuation of the fuel subsidy regime and the presentation of supplementary budgets to address macro-economic stability and security concerns. He commended the resilience of the Nigerian economy amid global challenges and outlined measures to address inflation.
President Tinubu presented the 2024 Budget as a foundation for sustainable economic development, focusing on job-rich growth, macro-economic stability, improved investment environment, human capital development, and poverty reduction. Top priorities include defense, internal security, and overhauling the internal security architecture.
In the realm of education, a sustainable funding model for tertiary education, including the Student Loan Scheme, is set to become operational by January 2024. The President emphasized the importance of a stable macro-economic environment for private investment and growth, projecting a minimum economic growth of 3.76 percent and inflation moderation to 21.4 percent in 2024.
Addressing environmental concerns, Tinubu highlighted Nigeria’s commitment to a greener future, encouraging public-private partnerships for big-ticket infrastructure projects in energy and transportation. He expressed dedication to securing substantial funding commitments at COP 28 climate summit, positioning Nigeria as a leader in clean and sustainable energy.
The revised 2024-2026 Medium Term Expenditure Framework sets parameters for the budget, including a conservative oil price benchmark of $77.96 per barrel and a Naira to US Dollar exchange rate of 750. The proposed aggregate expenditure for the Federal Government in 2024 is 27.5 trillion naira, with a deficit of 3.88 percent of GDP.
President Tinubu assured commitment to meeting debt obligations, projecting a budget deficit lower than the previous year, to be financed by new borrowings, privatization proceeds, and drawdown on multilateral and bilateral loans. Efforts to increase revenue to GDP ratio and contain financial leakages through reforms were highlighted, with an invitation for private sector collaboration on critical infrastructure.
In conclusion, President Tinubu commended the National Assembly for its collaboration and urged a focused budget review process aligned with national goals. The 2024 Budget, titled “The Renewed Hope Budget,” was presented with optimism for transformative growth, job creation, and environmental preservation.
The President closed the presentation, expressing confidence in charting a brighter and cleaner future for the Federal Republic of Nigeria.