Janet Samuel, Abuja
President Bola Tinubu has said that Nigeria’s national defence and internal security, local job creation,human capital development, poverty reduction, and social security among others are some of the top priorities of the 2024 Budget of Renewed Hope.
President Tinubu who made this known While addressing a joint session of the National Assembly on the presentation of the 2024 budget proposal on Wednesday in Abuja, 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.
While giving the breakdown of the 2024 Appropriation Bill, the President said: the aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira. Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.
“The budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023, which represented 6.11 percent of GDP. The deficit will be financed by new borrowings totaling 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds, and 1.05 trillion naira draw down on multilateral and bilateral loans secured for specific development projects.”
He said the proposed budget prioritizes human capital development, with particular attention given to children, because human capital remains the most critical resource for national development.
The President who noted that to address long-standing issues in the education sector reveal that the students load will become operational by January 2024 as a more sustainable model of funding tertiary education
Speaking on the economy, President 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.
The President said a conservative oil price benchmark of 77.96 U.S. Dollars 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 750 naira per U.S. Dollar was adopted for 2024 as well.
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.”
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.
Ealier in his opening remark, the President of the Senate, Godswill Akpabio appealed to Nigerians for continued support for the Government to actualise the long term benefits from the removal of fuel subsidy.
Akpabio who noted that the significant economic reforms already seen by the present administration was as a result of the removal of the petroleum subsidy which was a courageous step taken by the President.
“We have also taken note that these bold decisions taken so far by this government have created some measures of economic discomfort for some Nigerians.
“We plead for continued support for the government to actualise the long term benefits of these policies.
“The pain of today is like the pain of childbirth, when the result (the baby) manifests, we will rejoice and forget the pains.
“Akpabio, however, expressed hope that the budgetary estimates contained provisions to ameliorate the sufferings that the economic measures had exacted on citizens.
“We assure you that the proposals you have come to present will be diligently considered accordingly. We approach this moment with a sense of duty, unity and purpose.
The president of the senate also said that the upper chamber in its people-focused legislative agenda, placed a strong emphasis on national security, recognising it as a cornerstone for progress.
