President Bola Ahmed Tinubu has presented his inaugural annual budget to the joint session of the National Assembly.
The budget with the theme “Renewed Hope” encapsulates the priorities and aspirations of the government for the upcoming fiscal year.
The President lauded the Assembly’s swift consideration and passage of previous supplementary appropriation bills and emphasized the need for collaborative efforts between the executive and legislative arms to ensure the timely implementation of the budget billed to take effect from January 1, 2024.
While addressing the economic landscape, President Tinubu acknowledged global challenges but expressed confidence in Nigeria’s resilience amidst these adversities. With a focus on key sectors like defence, internal security, and human capital development, the proposed budget aims for job-rich economic growth, poverty reduction, and enhanced social security.
Economic stability remained a pivotal point in the President’s speech, outlining measures to tackle inflation and drive sustainable growth by completing critical infrastructure projects and implementing business-friendly policies. Of notable importance was the commitment to a greener future, emphasizing renewable energy sources and Nigeria’s dedication to the global climate action agenda, particularly in the run-up to COP 28.
The President projected an aggregate expenditure of N27.5 trillion, with a deficit projected at 3.88 percent of GDP. Financing for the deficit would primarily stem from new borrowings, privatization proceeds, and multilateral and bilateral loans secured for specific development projects.
In a bid to enhance social investment programmes, the government plans to expand the National Social Safety Net project to provide targeted cash transfers to vulnerable households while exploring Public Private Partnership arrangements to finance critical infrastructure.
President Tinubu commended the National Assembly’s collaborative spirit and urged a thorough yet expedient review process to ensure a return to a predictable fiscal year. The President’s closing remarks emphasized the transformative potential of the budget to boost performance, stimulate economic growth, and improve the lives of Nigerians.
The proposed 2024 Budget, titled “The Renewed Hope Budget,” stands as a pivotal blueprint poised to steer Nigeria towards a sustainable and resilient future, aligned with economic growth, job creation, and environmental preservation.