By Omonu YG Nelson
Abuja, Nigeria – November 29, 2023 – President Bola Tinubu today presented the 2024 Budget of Renewed Hope to a joint session of the National Assembly. The budget, which is themed around job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security, represents a significant step forward in the government’s efforts to revitalize the Nigerian economy.
Mr Tinubu presented the 2024 budget of N27.50 trillion to the lawmakers in the session held in the House chamber.
The figure was approved by the Federal Executive Council (FEC) on Monday.
The approval came a few days after the legislature passed the 2024-2026 Medium Term Expenditure Framework and the Fiscal Strategy Paper (MTEF-FSP).
In his address to the National Assembly, President Tinubu highlighted the key priorities of the budget, which include:
Defense and internal security: The budget allocates significant resources to bolster defense and internal security capabilities, with a focus on improving law enforcement and safeguarding lives, property, and investments across the country.
Human capital development: Recognizing human capital as the most critical resource for national development, the budget prioritizes human development, with particular attention to children, the foundation of the nation.
Value for money, transparency, and accountability: The government is committed to ensuring value for money, greater transparency, and accountability in the implementation of the budget.
Sustainable model of funding tertiary education: To address long-standing issues in the education sector, the budget introduces a more sustainable model of funding tertiary education, including the Student Loan Scheme scheduled to become operational by January 2024.
Stable macro-economic environment: The budget seeks to create a stable macro-economic environment to catalyze private investment and accelerate economic growth.
Green energy transition: Emphasizing public-private partnerships, the budget strategically allocates resources to leverage private capital for big-ticket infrastructure projects in energy, transportation, and other sectors, with a focus on diversifying the energy mix, enhancing efficiency, and fostering the development of renewable energy sources.
Broad-based and shared economic prosperity: The government remains committed to broad-based and shared economic prosperity, expanding the National Social Safety Net project to provide targeted cash transfers to poor and vulnerable households.
Increased revenue to GDP ratio: The government is committed to increasing the ratio of revenue to GDP from less than 10 percent currently to 18 percent within the term of this Administration.
Public-Private Partnership arrangements: In view of the limited resources available through the federal budget, the government is exploring Public Private Partnership arrangements to finance critical infrastructure.
President Tinubu emphasized the importance of collaboration between the Executive and Legislative branches of government in ensuring the successful implementation of the budget. He called on the National Assembly to expeditiously review and approve the budget proposal to enable its implementation on January 1, 2024.
The 2024 Budget of Renewed Hope represents a bold and ambitious plan to revitalize the Nigerian economy and create a brighter future for all Nigerians. The government’s commitment to job creation, macro-economic stability, human capital development, and shared prosperity is evident in the budget’s priorities. With the support of the National Assembly and the Nigerian people, the government is confident that the 2024 Budget will lay the foundation for a more prosperous and sustainable future for Nigeria.