President Tinubu presents 27.5Trillion Naira Budget Proposal to National Assembly

By Iyojo Ameh

President Bola Ahmed Tinubu has presented his administration’s inaugural budget proposal of 27.5 Trillion naira in what marked a significant milestone as annual fiscal address to the legislative body.

With a collaborative spirit and a nod to the Assembly’s swift actions on previous bills, the President reiterated the commitment to serve the nation’s populace and advance economic well-being.

While acknowledging the global economic hurdles impacting Nigeria, President Tinubu highlighted post-COVID supply constraints, international conflicts, and monetary policies affecting the nation’s import-reliant economy.

In a breakdown of the previous fiscal year’s performance, the President detailed the projected revenue against actual figures, emphasizing the government’s commitment to meeting obligations despite revenue constraints.

Under the theme “Budget of Renewed Hope,” the 2024 Appropriation aims to drive job-rich economic growth, ensure macro-economic stability, foster an attractive investment climate, bolster human capital development, and alleviate poverty. The President underscored priorities such as fortifying defense and internal security, focusing on human development, promoting budget transparency, and fostering sustainable economic growth.

President Tinubu outlined a proposed aggregate expenditure of 27.5 trillion naira for the Federal Government in 2024, delineating allocations for recurrent and capital expenditure. The budget deficit is projected at 3.88 percent of GDP, a reduction from the previous fiscal year, to be financed through a combination of new borrowings, privatization proceeds, and multilateral loans.

In addressing environmental concerns, the President emphasized Nigeria’s commitment to a greener future. Plans include leveraging private capital for essential infrastructure projects in renewable energy, aiming to position Nigeria as a regional leader in sustainable energy development. Notably, he directed efforts toward securing substantial funding commitments aligned with Nigeria’s energy transition goals ahead of the COP 28 climate summit.

President Tinubu invited private sector collaboration to reinforce fiscal policies, developmental programs, and infrastructure projects. He emphasized the importance of a symbiotic relationship between the government and private enterprises for national progress.

In conclusion, President Tinubu commended the collaborative efforts of the National Assembly and urged a meticulous review process, emphasizing the alignment of budget allocations with national aspirations and sectoral mandates. He expressed confidence in the transformative potential of the 2024 Budget to uplift the nation and pave the way for a sustainable and prosperous future.