In the N27.5 trillion budget for 2024, Tinubu prioritizes security, job growth, and poverty eradication.

In the N27.5 trillion budget for 2024, Tinubu prioritizes security, job growth, and poverty eradication.
For the fiscal year 2024, President Bola Tinubu unveiled the Budget of Renewed Hope, which includes N27.5 trillion for Nigeria's internal security and defense, local job creation, macroeconomic stability, and investment environment optimization.

He mentioned social security, poverty alleviation, and human capital development as additional areas of importance while speaking before the National Assembly's joint session on the budget proposal on Wednesday in Abuja.

In order to improve law enforcement's capacity and protect people, property, and investments all throughout the nation, President Tinubu promised to restructure the internal security framework of the country.

After carefully examining the trends in the global oil market, he said, a conservative benchmark for oil prices of 77.96 US dollars per barrel and an estimate of 1.78 million barrels of oil produced daily were adopted. Additionally, a Naira to US dollar exchange rate of 750 Naira per US dollar was adopted for 2024.

According to a breakdown of the 2024 Appropriations Bill, the Federal Government is expected to spend a total of 27.5 trillion naira in 2024. Of this amount, 9.92 trillion will go toward non-debt recurrent expenses, 8.25 trillion toward debt service, and 8.7 trillion toward capital expenditures.

In 2024, a 9.18 trillion naira budget deficit, or 3.88 percent of GDP, is anticipated. This is less than the 13.78 trillion naira deficit, or 6.11 percent of GDP, that was noted in 2023. 7.83 trillion naira in fresh borrowings, 298.49 billion naira from privatization proceeds, and 1.05 trillion naira drawn down on bilateral and multilateral loans obtained for particular development projects will be used to cover the deficit.

"Nigeria is still determined to pay off its debt. 45 percent of the anticipated total revenue is allocated to debt service.

He claimed that as human capital is still the most important resource for the success of a country, the proposed budget places a high priority on its development, with special attention paid to children.

"To enhance the efficacy of our budgetary performance, the government will prioritize guaranteeing value for money, increased accountability, and transparency." We will collaborate more closely in this area with the commercial sector and development partners.

"A more sustainable model of paying tertiary education will be implemented, including the Student Loan Scheme slated to become active by January 2024,” the President confirmed, addressing long-standing challenges in the education sector.

Speaking about the economy, President Tinubu stated that his government will keep putting business- and investment-friendly policies into place to ensure sustained growth since a stable macroeconomic environment is essential to his administration's efforts to spur private investment and quicken economic growth.

"We anticipate the economy will grow at least 3.76 percent faster than the projected global average. By 2024, inflation is predicted to have moderated to 21.4%. Maintaining our strong base for long-term economic growth has been our main goal in creating the 2024 budget. The medium-term expenditure framework and this budget both place a strong emphasis on Nigeria's commitment to a greener future.

"We have deliberately made provisions to leverage private capital for large-scale infrastructure projects in the energy, transportation, and other sectors, with a focus on public-private partnerships." This is a significant step toward increasing efficiency, broadening our energy mix, and promoting the growth of renewable energy sources. Our objective is to establish Nigeria as a frontrunner in the global push for clean and sustainable energy by providing funding for creative and eco-friendly projects.

"I have instructed relevant government agencies to diligently work towards securing substantial funding commitments that will bolster Nigeria's energy transition as we approach the COP28 climate summit, a critical moment for global climate action." We must take advantage of this chance to draw in foreign collaborations and investments that support our domestic objectives. I urge our delegates to take the initiative and actively participate in order to demonstrate the progress we have made in establishing a supportive climate for sustainable energy initiatives.

"Together, we will work to ensure that Nigeria leaves COP28 with concrete promises, reaffirming our commitment to a future in which energy serves as both an environmental stewardship and a catalyst for development," he stated.

In addition, President Tinubu stated, "We are reviewing social investment programs to enhance their implementation and effectiveness." His administration is still dedicated to achieving widespread and shared economic prosperity. Specifically, the National Social Safety Net project would be extended to target impoverished and vulnerable households with targeted cash transfers.

Additionally, he stated that major public financial management changes will be implemented with the goal of effectively containing money leakages.

The President praised the 10th National Assembly's patriotic determination to work with the Executive on the mission to restore Nigerians' optimism and fulfill the promises given to the country with the greatest population in Africa.

"We trust that the legislative review process will be carried out with an eye towards maintaining our intended return to a predictable January-December fiscal year when you assess the 2024 Budget estimates.

"I am confident that the interests of all Nigerians will serve as your guidance. We have to make sure that the 2024 Budget only includes initiatives and plans that will benefit everyone equally.

Furthermore, the budget should only contain initiatives and programs that may fulfill our administration's objectives and are compliant with MDA sectoral responsibilities.

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