In the fiscal year 2024, President Bola Tinubu’s administration hopes to boost the economy by 3.76%, he announced on Wednesday.
At the same time, he emphasized that the 2024 Appropriations Bill, which he dubbed the “Budget of Renewed Hope,” placed a high priority on poverty alleviation, local employment creation, and national defense.
Nigeria’s commitment to a greener future is a key component of this budget and the medium-term expenditure framework.Above the projected global average, we anticipate the economy will increase by at least 3.76%. In his first speech to a joint session of the 10th National Assembly in Abuja since taking office precisely six months ago, Tinubu predicted that inflation will decline to 21.4% in 2024.
In his speech to the NASS, Tinubu pledged to strengthen law enforcement’s capacity to protect people, property, and investments across the country by overhauling the internal security framework of the country.
According to him, the development of human capital is given top priority in the proposed budget, with kids receiving special attention since they continue to be the most important resource for the advancement of the country.
Thus, “the government will prioritize ensuring value for money, increased transparency, and accountability in order to improve the effectiveness of our budget performance.”
He clarified, “In this regard, we will work more closely with the private sector and development partners.”
A more sustainable model of supporting tertiary education will be established, including the Student Loan Scheme, which is scheduled to go into effect by January 2024, to solve long-standing difficulties in the education sector, Tinubu continued.
Regarding the economy, Tinubu stated that his administration’s goal of igniting private investment and quickening economic growth depends on a stable macroeconomic climate.
As a result, he declared that his administration will keep putting business- and investment-friendly policies into place for long-term prosperity.
“Accordingly, an aggregate expenditure of N27.5tn is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is N9.92tn, debt service is projected to be N8.25tn, and capital expenditure is N8.7tn,” the President stated, breaking down the 2024 Appropriations Bill. Nigeria is still determined to pay off its debt. Fifty-five percent of the anticipated total revenue is allocated to debt payment.
In 2024, the budget deficit is expected to be N9.18 trillion, or 3.88 percent of GDP. This deficit is less than the N13.78 trillion deficit that was reported in 2023 and accounted for 6.11 percent of GDP. The shortfall will be covered by N7.83 trillion in fresh borrowings, N298.49 billion in proceeds from privatization, and N1.05 trillion in draws from bilateral and international loans obtained for certain development projects.
