- Tinubu Seeks Accelerated Passage Of Budget
- Projects 3.76% Economic Growth, Inflation To Moderate To 21.4%
- Budget Targets Micro-Economic Stability, Poverty Reduction, Others
In line with the tradition of the January to December lifecycle of the budget, President Bola Tinubu on Wednesday expressed his desire that the 2024 Appropriation Act come into effect on January 1, 2024.
The Matrix had earlier reported that President Tinubu had on Wednesday, November 29, 2023, presented the 2024 N27.5tr Budget Of Renewed Hope to a joint session of the National Assembly in Abuja, while charging both arms of the National Assembly to work assiduously and “conclude with reasonable dispatch”, their deliberations on the 2024 budget estimates of N27.5trn.
“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.”
The President said the ‘Budget Of Renewed Hope’ will ensure macro-economic stability, poverty reduction, and greater access to social security, amongst others.
In his votes of thanks, Speaker of the House of Representatives, Tajudeen Abbas, assured the President that the budget would be given accelerated consideration.
The President was present at the joint NASS sitting alongside his entourage including Vice President Kashim Shettima; the Chief of Staff to the President, Femi Gbajabiamila; Secretary to the Government of the Federation, George Akume; Minister of the Federal Capital Territory, Nyesom Wike; National Chairman of the All Progressives Congress (APC), Abdullahi Ganjude; amongst others.
It was the President’s first budget presentation before the joint session of the National Assembly since he assumed office on May 29, 2023.
Meanwhile, the President has disclosed that he expects the nation’s economy to grow by 3.76% above the world average forecast and inflation is expected to moderate to 21.4%.
He made this known during the presentation of the 2024 Budget estimates to the joint plenary.
The proposed budget places significant importance on human capital development, with a specific emphasis on school children.
“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.
“Emphasising 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 COP 28 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. We must 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.
It would be recalled that the ‘Budget of Renewed Hope’, according to President Tinubu will ensure micro-economic stability, poverty reduction, greater access to social security, amongst others.
He highlighted priority areas such as security, local job creation, macroeconomic stability, investment environment optimisation, human capital development, poverty reduction, and social security.
The President also disclosed that the proposed budget prioritises human capital development, with particular attention given to children, because human capital remains the most critical resource for national development.
He also said Public Private Partnerships would be explored to fund the budget.
Addressing the lawmakers, the President said, “Distinguished Senators and Honourable Members, in view of the limited resources available through the federal budget, we are also exploring Public Private Partnership arrangements to finance critical infrastructure.
“We, therefore, invite the private sector to partner with us to ensure that our fiscal, trade and monetary policies, as well as our developmental programs and projects, succeed in unlocking the latent potential of our people and other natural endowments, in line with our national aspirations.”
