President Bola Tinubu has outlined the key priorities of Nigeria’s 2024 Budget of Renewed Hope, emphasizing a commitment to national defense, internal security, job creation, macro-economic stability, and human capital development.
Addressing the National Assembly, Tinubu highlighted the need for an overhaul of the nation’s internal security architecture to enhance law enforcement capabilities and safeguard lives, property, and investments.
The President underscored the significance of human capital development, particularly focusing on children, as the cornerstone for national progress.
In a bid to improve budget performance, Tinubu pledged a focus on value for money, transparency, and accountability, fostering closer collaboration with development partners and the private sector.
Turning attention to the education sector, Tinubu revealed plans for a more sustainable funding model for tertiary education, including the implementation of a Student Loan Scheme scheduled to commence in January 2024.
In the economic realm, the President stressed the importance of a stable macro-economic environment to catalyze private investment and accelerate growth.
He expressed optimism, projecting a minimum economic growth of 3.76 percent and a moderated inflation rate of 21.4 percent in 2024.
Furthermore, Tinubu highlighted the government’s commitment to a greener future, incorporating public-private partnerships to leverage private capital for major infrastructure projects in energy and transportation.
The emphasis on renewable energy aims to position Nigeria as a regional leader in the global shift towards sustainable energy.
Addressing the COP28 climate summit, Tinubu directed government agencies to secure substantial funding commitments to bolster Nigeria’s energy transition.
He urged representatives to actively engage in showcasing the nation’s progress towards creating an enabling environment for sustainable energy projects.
The President disclosed a conservative oil price benchmark of $77.96 per barrel and a daily oil production estimate of 1.78 million barrels for 2024.
The proposed budget, amounting to 27.5 trillion naira, allocates significant portions to non-debt recurrent expenditure, debt service, and capital expenditure.
In closing, President Tinubu commended the collaborative efforts of the 10th National Assembly and urged a thorough legislative review process to ensure equitable benefits and alignment with the administration’s vision.
Source: Peoples Gazette