Security, jobs, and poverty reduction top priorities as Tinubu presents 2024 budget proposal

President Bola Tinubu has presented the 2024 Budget of Renewed Hope, outlining a strategic focus on national defence, internal security, job creation, poverty reduction, and social security. Speaking at a joint session of the National Assembly in Abuja on Wednesday, the President emphasised the need for an overhaul of the nation’s internal security architecture to ensure the safety of lives, property, and investments.

Remarks — 2024 Budget Presentation (final)

Key priorities for 2024

President Tinubu highlighted the core priorities of the 2024 budget, addressing the pressing issues facing Nigeria. Security, both internal and external, topped the list with a commitment to enhancing law enforcement capabilities. The President stressed the importance of safeguarding the nation against threats and creating a stable environment for economic growth.

Other key priorities include local job creation, macro-economic stability, optimisation of the investment environment, human capital development, poverty reduction, and social security. President Tinubu stated that human capital remains the most critical resource for national development, and the budget reflects a commitment to its enhancement.

Education and human capital development

To improve the effectiveness of budget performance, President Tinubu announced a sustainable model for funding tertiary education, including the implementation of a Student Loan Scheme scheduled to become operational in January 2024. The focus on education is part of the broader strategy to invest in human capital development.

The President pledged to work closely with development partners and the private sector to ensure value for money, greater transparency, and accountability in budget execution. He urged a collective effort to address challenges in the education sector and emphasised the importance of empowering the youth through accessible and quality education.

Economic stability and growth

President Tinubu highlighted the significance of a stable macro-economic environment in catalysing private investment and accelerating economic growth. He outlined the government’s commitment to implementing business and investment-friendly measures to ensure sustainable growth.

The President projected a minimum economic growth of 3.76 percent, above the forecasted world average, with an expected moderation of inflation to 21.4 percent in 2024. The budget reflects a dedication to a greener future, with a focus on public-private partnerships for big-ticket infrastructure projects in energy, transportation, and other sectors.

Environmental stewardship and COP28 Climate Summit

As Nigeria approaches the COP28 climate summit, President Tinubu directed relevant government agencies to secure substantial funding commitments to bolster the country’s energy transition. He emphasised the need to attract international partnerships and investments aligned with national goals, positioning Nigeria as a regional leader in clean and sustainable energy.

The President called for proactive engagement at COP28 to showcase Nigeria’s progress in creating an enabling environment for sustainable energy projects. He expressed optimism that tangible commitments would emerge from the summit, reinforcing the nation’s dedication to a future where energy is a catalyst for development and environmental stewardship.

President Tinubu provided a breakdown of the 2024 Appropriation Bill, detailing an aggregate expenditure of 27.5 trillion naira for the Federal Government. The budget prioritises non-debt recurrent expenditure at 9.92 trillion naira, debt service at 8.25 trillion naira, and capital expenditure at 8.7 trillion naira. The deficit is projected at 9.18 trillion naira, lower than the previous year, and will be financed through new borrowings, privatisation proceeds, and drawdown on multilateral and bilateral loans.

The President assured the National Assembly of his commitment to broad-based economic prosperity and the review of social investment programs for enhanced implementation and effectiveness. He stressed the importance of containing financial leakages through key public financial management reforms.

Collaboration with the National Assembly

President Tinubu commended the 10th National Assembly for its patriotic resolve to collaborate with the Executive. He urged a legislative review process focused on sustaining a predictable January-December fiscal year and ensuring equitable benefits from projects and programs.