President Bola Tinubu has assured Nigerians that the nation’s recovery from economic challenges has come, saying the 2024 budget will set Nigeria on a transformative path towards economic growth and development.
President Tinubu gave this assurance while the 2024 appropriation bill was before a joint session of the National Assembly in Abuja on Wednesday.
He said, “I have no doubt that this will be in the interest of Nigerians. As a government, we are committed to improving the lives of our people and delivering on our promises to them.
“The 2024 budget can boost performance, promote the development of macro, micro, and small and medium-sized enterprises, enhance security and public safety, and improve the general living conditions of our people.
“We have not considered the great opportunity in solid minerals and other areas. I promise you that recovery is here.
“I am confident that this budgetary allocation will set Nigeria on a transformative path towards a sustainable and resilient energy future, fostering economic growth, job creation, and environmental preservation,” he said.
The president presented budget estimates of N27.5 trillion to a joint session of the National Assembly, his first budget presentation before the lawmakers since he assumed office on May 29, 2023.
The upper chamber had on Tuesday granted the president’s request to present the budget to a joint session of the Senate and the House of Representatives.
The NASS’ Secretary of Research and Information, Ali Umoru, in a letter dated November 27, 2023, had indicated that the President will address the parliament today.
About three weeks ago, the President forwarded to both chambers of the National Assembly the 2024–2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper, where the sum of N26.1 trillion was proposed as the total expenditure profile for the 2024 fiscal year.
On Monday, the budget was revised upwards by N1.5 trillion to N27.5 trillion after the oil price benchmark was increased and the naira exchange rate lowered.
The Minister of Budget and Economic Planning, Abubakar Bagudu, told reporters at the State House on Monday that the Federal Executive Council (FEC) revised the MTEF and the Fiscal Policy to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96 per barrel.
According to Bagudu, the FEC also approved an Appropriation Bill for 2024 with an aggregate expenditure of N27.5 trillion, an increase of over N1.5 trillion from the previously estimated.
The budget of N27.5 trillion is 26% higher than the 2023 budget presented by ex-President Muhammadu Buhari in 2022.
Meanwhile, the President also wrote NASS, seeking the approval of $8.6bn and €100m external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health.
