President Bola Tinubu on Wednesday presented the 2024 appropriation bill at the National Assembly’s joint session, marking his first annual budgetary presentation since assuming office six months ago.
The President spoke at length about the economic environment, focusing on the challenges and strategies to navigate global headwinds while ensuring Nigeria’s economic stability.
Tinubu highlighted achievements and outlined the key priorities of the proposed budget, themed ‘Budget of Renewed Hope.’
“Renewed Hope” encompasses job-rich economic growth, enhanced human capital development, poverty reduction, and a greater emphasis on social security.
Defense and internal security were highlighted as top priorities, with plans for an overhaul of the internal security architecture.
The President emphasized the importance of sustainability, focusing on funding tertiary education through a Student Loan Scheme and implementing business-friendly measures to catalyze private investment.
The goal is a minimum economic growth of 3.76 percent and a moderated inflation rate of 21.4 percent for 2024.
In alignment with global climate action, Nigeria aims to position itself as a leader in clean and sustainable energy.
President Tinubu directed efforts toward COP 28 commitments, urging engagement to showcase Nigeria’s strides in creating an enabling environment for sustainable energy projects.
The proposed 2024 budget allocates 27.5 trillion naira for the Federal Government, emphasizing non-debt recurrent expenditure, debt service, and capital expenditure.
He said The government remains committed to meeting debt obligations while exploring public-private partnerships for critical infrastructure financing.
President Tinubu lauded the collaborative efforts of the National Assembly and assured commitment to sustaining the relationship for the benefit of Nigerians.
He urged a thorough legislative review process, emphasizing equitable and impactful project selection aligned with governmental visions and sectoral mandates.
