- Focus on national defence, internal security, poverty reduction, local job creation, macro-economic stability, among others
BY EDMOND ODOK – President Bola Ahmed Tinubu has tasked the National Assembly members on speedy consideration and approval the 2024 budget of N27.5 trillion in 30 days to sustain the Federal Government’s January to December budget circles started by the last administration.
He also told the lawmakers that national defence and internal security, local job creation, macro-economic stability, and investment environment optimization will enjoy priority attention in the proposed appropriation bill.
Similarly, the President listed poverty reduction, social security and human capital development among the top priorities of his 2024 Budget of Renewed Hope.
President Tinubu, who addressed a joint session of the National Assembly on the 2024 Federal budget proposal in Abuja on Wednesday, said speedy passage of the fiscal estimates would give the government ample time to fully implement them for effective service delivery to Nigerians within the stipulated budget year.
According to him, the Budget implementation would take care of overhauling the nation’s internal security architecture to enhance law enforcement capabilities in safeguarding lives, property, and investments across the country.
He also said the proposed budget prioritizes human capital development, with particular attention given to children, because it remains the most critical resource for national development, adding; “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.”
The explained that determined to address long-standing issues in the education sector, the government would implement “a more sustainable model of funding tertiary education, including the Student Loan Scheme scheduled to become operational by January 2024”.
With an aggregate expenditure of 27.5 trillion Naira, the budget’s non-debt recurrent expenditure is 9.92 trillion Naira; debt service is projected at 8.25 trillion Naira while capital expenditure will gulp 8.7 trillion Naira.
Further breakdown indicates that budget deficit projectiop at 9.18 trillion Naira in 2024 or 3.88 percent of GDP. This is lower than the N13.78 trillion deficit recorded in 2023 which represents 6.11 percent of GDP.
President Tinubu stated the deficit financing would be through new borrowings totalling about 7.83 trillion Naira, with 298.49 billion Naira coming from Privatization Proceeds and 1.05 trillion Naira drawdown on multilateral and bilateral loans secured for specific development projects.
In specific terms, the President told the lawmakers thus; “As you consider the 2024 budget estimates, we trust that the legislative review process will be conducted with a view to sustaining our desired return to a predictable January-December fiscal year.
“I have no doubt that you will be guided by the interest of all Nigerians. We must ensure that only projects and programmes with equitable benefits are allowed into the 2024 budget.”
On the whole, President Tinubu insisted that only projects and programmes which match the sectoral mandates of MDAs and are “capable of realizing the vision of our Government should be included in the budget.”
For the economy, President Tinubu said a stable macro-economic environment remains crucial in the administration’s bid to catalyze private investment and accelerate economic growth; hence, the resolve to continuously implement business and investment friendly measures for sustainable growth.
Hear him; “We expect the economy to grow by a minimum of 3.76 percent, above the forecasted world average. Inflation is expected to moderate to 21.4 percent 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.
Meanwhile, the Senate has set aside Thursday, November 30 and Friday, December 1, 2023 dates to consider the 2024 budget for first and second readings with the plenary adjourned till December 12 for MDAs to defend their respective budget proposals
