Earlier today, President Tinubu presented the highly anticipated 2024 budget at the National Assembly, outlining key priorities for the coming year. The budget, with an aggregate expenditure of N27.5 trillion, aims to sustain Nigeria's robust foundation for sustainable economic development.
Among the top priorities highlighted by the President are national defense and internal security, local job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security. These priorities reflect the government's commitment to addressing crucial issues facing the nation.
President Tinubu emphasized the need to overhaul Nigeria's internal security architecture to enhance law enforcement capabilities, ensuring the safeguarding of lives, property, and investments across the country. The government will prioritize human capital development, specifically focusing on children, as a means of securing a prosperous future for Nigeria.
The President also emphasized the importance of collaborating with development partners and the private sector to ensure value for money, greater transparency, and accountability in Nigeria's budget performance. In line with this, a more sustainable model of funding tertiary education, including the implementation of the Student Loan Scheme by January 2024, will be a key focus in the education sector.
Promoting a stable macro-economic environment for sustainable growth remains a core objective of the 2024 budget. The President anticipates a minimum economic growth rate of 3.76% for Nigeria, exceeding the global average forecast. Additionally, efforts to moderate inflation to 21.4% in 2024 will be undertaken.
The budget also lays the groundwork for attracting private capital for significant infrastructure projects in energy, transportation, and other sectors. Furthermore, Nigeria aims to position itself as a regional leader in clean and sustainable energy, forging international partnerships and attracting investments aligned with national goals.
In light of global oil market trends, the budget incorporates an oil price estimate of $77.96 per barrel, with a daily production estimate of 1.78 million barrels. The Nigerian Naira is pegged at an exchange rate of N750 per $.
To address the budget deficit, projected at N9.18 trillion or 3.88% of GDP, the government plans to finance it through new borrowings totaling N7.83 trillion, proceeds from privatization amounting to N298.49 billion, and drawdowns on multilateral and bilateral loans secured for specific development projects worth 1.05 trillion naira.
In addition, the government is reviewing social investment programs to enhance their implementation and effectiveness. The National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households, further reinforcing the commitment to poverty reduction.
Efforts to contain financial leakages through the effective implementation of key public financial management reforms will be a focal point in the coming year. Projects and programs included in the budget will align with the sectoral mandates of relevant government agencies and contribute to the vision of RenewedHope.
As President Tinubu concluded the budget presentation, he expressed gratitude for the opportunity to serve the Federal Republic of Nigeria. The budget is expected to lay the groundwork and guide the nation towards achieving its aspirations for sustainable economic development and improved social welfare.
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