Nigeria’s national defence and internal security, local job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security are some of the top priorities of the 2024 Budget.
The fiscal document is titled 2024 Budget of Renewed Hope.
Addressing a joint session of the National Assembly on Wednesday, November 29, President Bola Tinubu said the nation’s internal security architecture will be overhauled to enhance law enforcement capabilities with a view to safeguarding lives, property, and investments across the country.
The President said a conservative oil price benchmark of $77.96 per barrel and a daily oil production estimate of 1.78 million barrels per day were adopted after a careful review of global oil market trends, and that a Naira to U.S. Dollar exchange rate of N750 per U.S. Dollar was adopted for 2024 as well.
He said the proposed budget prioritizes human capital development.
“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,” the President affirmed.
Speaking on the economy, Tinubu said a stable macro-economic environment is crucial in his administration’s bid to catalyze private investment and accelerate economic growth; hence, his government shall continue to implement business and investment friendly measures for sustainable growth.
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“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,” he said.
Giving a breakdown of the 2024 Appropriation Bill, the President said: “Accordingly, an aggregate expenditure of N27.5 trillion is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is N9.92 trillion while debt service is projected to be N8.25 trillion and capital expenditure is N8.7 trillion. Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.
“The budget deficit is projected at N9.18 trillion in 2024 or 3.88 per cent of GDP. This is lower than the N13.78 trillion deficit recorded in 2023, which represented 6.11 per cent of GDP. The deficit will be financed by new borrowings totalling N7.83 trillion, N298.49 billion from Privatization Proceeds, and N1.05 trillion draw down on multilateral and bilateral loans secured for specific development projects.”
The President Tinubu said his administration remains committed to broad-based and shared economic prosperity, adding: “We are reviewing social investment programmes 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.”
He also said efforts will be made to further contain financial leakages through the effective implementation of key public financial management reforms.
The President commended the patriotic resolve of the 10th National Assembly to collaborate with the Executive on the mission to renew the hope of Nigerians and deliver on the promises made to Africa’s largest population.
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