In his inaugural annual budgetary presentation to the 10th National Assembly, President Bola Ahmed Tinubu outlined the Federal Republic of Nigeria’s economic vision for the upcoming fiscal year. The 2024 Budget, aptly named the “Budget of Renewed Hope,” reflects the President’s commitment to bolstering economic stability, reducing deficits, and addressing crucial national priorities.
Prevailing Economic Environment
Against a backdrop of global economic challenges, including lingering post-COVID supply chain disruptions and armed conflicts, President Tinubu acknowledged the necessity of navigating a complex international economic landscape. Despite these challenges, the Nigerian economy has exhibited resilience, maintaining modest growth over the past year.
Performance of the 2023 Budget
President Tinubu presented a comprehensive overview of the 2023 budget, revealing that despite an aggregate revenue shortfall, the Federal Government met its obligations, demonstrating prudent fiscal management amid economic uncertainties.
Theme and Priorities of the 2024 Budget
The President emphasized the thematic focus of the 2024 Budget: “Renewed Hope.” Key priorities include job-rich economic growth, macro-economic stability, enhanced human capital development, poverty reduction, and improved social security. Defense and internal security are accorded top priority, with a commitment to overhauling the internal security architecture.
Environmental Sustainability and Global Leadership
With an eye on sustainable development, President Tinubu highlighted Nigeria’s commitment to a greener future. The budget allocates resources to support public-private partnerships and big-ticket infrastructure projects in energy and transportation, aiming to position Nigeria as a regional leader in clean and sustainable energy.
Ahead of COP 28, President Tinubu directed government agencies to secure substantial funding commitments for Nigeria’s energy transition, underscoring the country’s dedication to environmental stewardship and global climate action.
Budgetary Framework and Financial Projections
The President outlined the 2024-2026 Medium Term Expenditure Framework, adopting a conservative oil price benchmark and projecting an aggregate expenditure of 27.5 trillion naira. Notably, the budget deficit is projected to decrease, with a focus on responsible borrowing to finance key initiatives.
Social Investment and Fiscal Policies
President Tinubu announced a review of tax and fiscal policies with the aim of increasing the revenue-to-GDP ratio. The government is exploring Public Private Partnerships to finance critical infrastructure, inviting the private sector to collaborate in unlocking Nigeria’s economic potential.
Conclusion and Legislative Collaboration
As the President laid out the 2024 Budget, he commended the collaborative spirit of the 10th National Assembly. He expressed confidence that the legislative review process would uphold the interests of all Nigerians, calling for a focus on projects aligned with national priorities.
In closing, President Tinubu affirmed the transformative potential of the 2024 Budget in steering Nigeria toward a sustainable and resilient energy future. The “Budget of Renewed Hope” stands as a strategic roadmap for economic revitalization, job creation, and environmental preservation.