In a presentation before a Joint Session of the 10th National Assembly, President Bola Tinubu unfolded his administration’s vision through the 2024 Budget Proposal, themed the “Budget of Renewed Hope.”
This marks his inaugural annual budgetary address to the National Assembly.
President Tinubu expressed gratitude for the swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper. He emphasized the importance of collaboration between the Executive and the National Assembly for the greater welfare of the nation.
“I am confident that the National Assembly will continue to work closely with us to ensure that deliberations on the 2024 Budget are thorough but also concluded with reasonable dispatch. Our goal is for the Appropriation Act to come into effect on the 1st of January 2024,” President Tinubu remarked.
The President reflected on previous fiscal interventions, including ending the fuel subsidy regime, negotiating supplementary budgets, and securing funding for critical infrastructure, national security, and support to vulnerable households.
Presenting the “Budget of Renewed Hope,” President Tinubu outlined key priorities, including job-rich economic growth, macro-economic stability, improved investment environment, enhanced human capital development, poverty reduction, and greater access to social security.
Highlighting the prevailing economic challenges globally and domestically, President Tinubu acknowledged the resilience of the Nigerian economy amidst uncertainties. He affirmed the commitment to sustaining robust foundations for sustainable economic development.
In terms of performance, he reported an aggregate revenue of 65 trillion naira by September 30, approximately 96 percent of the targeted 8.28 trillion naira.
The President projected an aggregate expenditure of 5 trillion naira for the Federal Government in 2024. Defence and internal security received top priority, with an overhaul of the internal security architecture to enhance law enforcement capabilities.
Addressing economic conditions, President Tinubu stated, “We expect the economy to grow by a minimum of 7.6 percent, above the forecasted world average. Inflation is expected to moderate to 21.4 percent in 2024.”
The 2024 Budget focuses on a sustainable and greener future, with provisions for public-private partnerships to leverage private capital for big-ticket infrastructure projects, particularly in energy and transportation.
The President outlined fiscal parameters, including a conservative oil price benchmark of 96 US Dollars per barrel and daily oil production estimate of 1.78 million barrels per day.
President Tinubu projected a budget deficit of 18 trillion naira in 2024, lower than the 13.78 trillion naira deficit recorded in 2023. The deficit will be financed by new borrowings, privatization proceeds, and drawdown on multilateral and bilateral loans.
He concluded by commending the collaborative efforts of the National Assembly and expressed confidence that the 2024 Budget would set Nigeria on a transformative path.
“As a Government, we are committed to improving the lot of our people and delivering on our promises to them. The 2024 Budget has the potential to boost performance, promote the development of Micro, Small and Medium-sized Enterprises, enhance security and public safety, and improve the general living conditions of our people,” President Tinubu declared.
The presentation concluded with the laying of the 2024 Budget Proposals before the distinguished Joint Session of the National Assembly, titled “The Renewed Hope Budget.” President Tinubu expressed gratitude and closed with a call for collective efforts toward a brighter and cleaner future for the nation.