2024 Budget: President Tinubu seeks NASS approval for N27.5trn

President Bola Tinubu, on Wednesday, November 30, 2023, presented the N27.5 trillion 2024 Appropriation Bill to a joint session of the Senate and House of Representatives.

According to Tinubu, his administration has aimed to adopt the “revised 2024-2026 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, as parameters for the budget, stressing his government’s plan to grow the economy by a minimum of 3.76 percent, above the world average forecast, next year.

Tinubu added that with its passage, the country's internal security architecture would be overhauled to enhance law enforcement capabilities, with a view to safeguarding lives, property, and investments across the country.

He said the nation’s defence and internal security, local job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security were top priorities of the budget, and urged the legislators to be guided by the interests of Nigerians while considering the budget proposals.

His words: “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.

“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.

“We expect the economy to grow by a minimum of 3.76 per cent, above the forecasted world average. Inflation is expected to moderate to 21.4 per cent 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.”

He said his administration remained committed to broad-based and shared economic prosperity, adding that “we are reviewing social investment programmes to enhance their implementation and effectiveness."

BEB