Nigeria’s President Bola Tinubu has outlined key priorities for his administration to include national defense, internal security, local job creation, macro-economic stability, optimization of the investment environment, human capital development, poverty reduction, and social security.
Mr. Tinubu was addressing a joint session of Nigerian parliament on Wednesday 29 where he presented his 2024 Budget proposal for their consideration.
A breakdown of the Bill show an aggregate expenditure of N27.5 trillion proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is N9.92 trillion while debt service is projected to be N8.25 trillion and capital expenditure is N8.7 trillion.
He said under his Renewed Hope agenda, his government was committed to overhauling the nation’s internal security architecture to strengthen law enforcement capabilities, ensuring the protection of lives, property, and investments throughout the country.
He said children and human capital development as well as a stable macroeconomic environment will take center stage because they were crucial in catalyzing private investment and spurring economic growth. The government, he says, plans to implement business and investment-friendly measures to foster sustainable growth.
“Emphasizing 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“, the president said.
By his estimates, President Tinubu hopes to achieve up to 3.76% economic growth next year and pedal down inflation at 21.4%
The budget proposal anchored its calculation on a conservative oil price benchmark of $77.96 per barrel and a daily oil production estimate of 1.78 million barrels and a Naira to the U.S. Dollar exchange rate of N750 to U.S. Dollar.
Tinubu left the parliament and boarded his presidential plane to Dubai, where he is to attend a COP28 Climate Summit holding in the UAE.
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