President Bola Tinubu presented the 2024 Federal Budget proposal to a joint session of the National Assembly on Wednesday, outlining key priorities such as national defense, internal security, job creation, economic stability, and sustainability.
Addressing the assembly, President Tinubu emphasized the need for an overhaul of the nation’s internal security architecture to enhance law enforcement capabilities, safeguard lives, properties, and investments across the country. The proposed budget, named the “2024 Budget of Renewed Hope,” underscores the administration’s commitment to addressing critical issues affecting the nation.
Human capital development emerged as a central focus, with particular attention given to children, as President Tinubu stressed its crucial role in national development. He outlined plans to implement a more sustainable model of funding tertiary education, including the operationalization of the Student Loan Scheme by January 2024.
In the economic domain, the President highlighted the importance of a stable macro-economic environment to catalyze private investment and accelerate growth. He assured the continuation of business and investment-friendly measures to achieve sustainable economic development. The budget envisions a minimum economic growth of 3.76 percent, above the world average, with inflation expected to moderate to 21.4 percent in 2024.
President Tinubu expressed a commitment to Nigeria’s transition to a greener future, emphasizing public-private partnerships for major infrastructure projects in energy, transportation, and other sectors. The allocation of resources to support environmentally conscious initiatives aims to position Nigeria as a regional leader in clean and sustainable energy.
A conservative oil price benchmark of $77.96 per barrel and a daily oil production estimate of 1.78 million barrels were adopted, reflecting a careful review of global oil market trends. The President also set a Naira to U.S. Dollar exchange rate of 750 Naira per U.S. Dollar for 2024.
The 2024 Appropriation Bill proposes an aggregate expenditure of 27.5 trillion Naira for the Federal Government. Key components include non-debt recurrent expenditure of 9.92 trillion Naira, debt service projected at 8.25 trillion Naira, and capital expenditure at 8.7 trillion Naira. The budget deficit is projected at 9.18 trillion Naira or 3.88 percent of GDP, lower than the 2023 deficit.
President Tinubu assured the National Assembly of the administration’s commitment to broad-based economic prosperity. He announced the expansion of social investment programs, with a focus on the National Social Safety Net project to provide targeted cash transfers to poor and vulnerable households.
The President commended the collaborative efforts of the 10th National Assembly, expressing confidence in their commitment to renew the hope of Nigerians and deliver on promises. He urged a thorough legislative review process, emphasizing the importance of projects aligned with sectoral mandates and capable of realizing the administration’s vision in the 2024 Budget.
