The President of Nigeria, Bola Ahmed Tinubu, has said that the 2024 Budget, which he tagged the “Renewed Hope” Budget, is a part of the foundation that will bring about a greater future for the country.
President Tinubu made this statement during his budget presentation at a joint National Assembly session on the proposed federal budget for 2024 that took place on Wednesday in Abuja.
He also stated that the 2024 Budget of Renewed Hope will place a high priority on human capital development, poverty alleviation, macroeconomic stability, local employment creation, human defence and internal security, and social security.
The President said, “Today, I stand before you to present a budget of renewed hope. A budget which will go further than ever before in implementing macroeconomic stability, in reducing the deficit, increasing capital spending and allocation to reflect the eight priority areas of this administration. The budget we now present constitutes a foundation upon which we shall erect the future of this great nation.
“Analysing prevailing economic environments, economic conditions remain challenging both abroad and at home, despite lingering post-COVID supply, and production bottlenecks, and conflict in various parts of the world, and restrictive monetary policies in major economies, we expect global growth to hover around 3.0% in year 2024. This relatively reads as significant implications for our economy due to our current reliance on importation.
“Distinguished senators, honourable members, despite the global headway, the Nigerian economy has proven resilient, maintaining rugged but positive views over the past 12 months. Inflation has trended upward, yes, due to the weak global conditions. To contain these rising domestic prices, we will ensure effective coordination of fiscal and monetary policy measures and collaborate with sub-national government to address structural factors driving inflation in Nigeria.”
“The budget proposal meets our goal of completing critical infrastructure projects which will help address structural problems in the economy by lowering the costs of doing business for companies, and the cost of living for average persons.”
The President then stated that as human capital is still the most important resource for the growth of a country, the proposed budget places a high priority on its development, with special attention paid to children.
He said, “To improve the effectiveness of our budget performance, the government will focus on ensuring value for money, greater transparency, and accountability. In this regard, we will work more closely with development partners and the private sector.
“To address long-standing issues in the education sector, a more sustainable model of funding tertiary education will be implemented, including the Student Loan Scheme scheduled to become operational by January 2024.”
In his speech, President Tinubu addressed the economy and stated that his government would keep enacting policies that are conducive to industry and investment in order to achieve sustainable growth. He asserted that a stable macroeconomic environment is essential to his administration’s efforts to spur private investment and quicken economic growth.
He said, “We expect the economy to grow by a minimum of 3.76 percent, above the forecasted world average. Inflation is expected to moderate to 21.4 percent in 2024. In preparing the 2024 Budget, our primary objective has been to sustain our robust foundation for sustainable economic development. A critical focus of this budget and the medium-term expenditure framework is Nigeria’s commitment to a greener future.
“Emphasizing public-private partnerships, we have strategically made provisions to leverage private capital for big-ticket infrastructure projects in energy, transportation, and other sectors. This marks a critical step towards diversifying our energy mix, enhancing efficiency, and fostering the development of renewable energy sources. By allocating resources to support innovative and environmentally conscious initiatives, we aim to position Nigeria as a regional leader in the global movement towards clean and sustainable energy.
“As we approach the COP28 climate summit, a pivotal moment for global climate action, I have directed relevant government agencies to diligently work towards securing substantial funding commitments that will bolster Nigeria’s energy transition. It is imperative that we seize this opportunity to attract international partnerships and investments that align with our national goals. I call upon our representatives to engage proactively to showcase the strides we have made in the quest to create an enabling environment for sustainable energy projects.
“Together, we will strive for Nigeria to emerge from COP28 with tangible commitments, reinforcing our dedication to a future where energy is not only a catalyst for development but also a driver of environmental stewardship.”
In addition, President Tinubu stated that his government is still dedicated to achieving widespread and shared economic success as he said, “We are reviewing social investment programs to enhance their implementation and effectiveness. In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households.”
Additionally, he stated that key public financial management reforms will be implemented with the goal of effectively containing money leakages.
President Tinubu then appreciated the Senate and the House of Assembly for their swift response to the budget, saying, “Distinguished senators and honourable members of the National assembly, I commend your Swift consideration and passage of the 2023 supplementary appropriation Bill and the 2024- 2026 medium term expenditure framework and fiscal strategy paper.
Your point action underscores your devotion to economic development and to the greater welfare of our people. It also highlights your desire to work in close collaboration with the executive branch. We do not serve ourselves, I appreciate you. We must always strive to work together to serve and benefit the people of our beloved country.”
Ozioma Samuel-Ugwuezi
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