Nigeria President Bola Tinubu don present di 2024 budget wey reach moni of N27.5trn to di joint session of di National Assembly (NASS) today.
Dis na di first budget wey di president go present to di lawmakers since e enta office for May 29, 2023.
Di president land di NASS Complex around 11:10am togeda wit di Chief of Staff to di President, Femi Gbajabiamila, National Chairman of di All Progressives Congress (APC), Abdullahi Ganjude and odas.
Senate on Tuesday bin grant di president request to present di budget to a joint session of dem and di House of Representatives.
2024 budget dey 26% higher pass di 2023 budget wey former President Muhammadu Buhari bin present for 2022.
Dat one na 20.51 trillion naira wey Buhari administration bin propose dat time.
Early dis month, President Tinubu bin forward di 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy paper to di National Assembly.
Na dia im bin propose di N26.1trn as di total of moni wey di kontri go spend for 2024.
On Monday, dem adjust di moni upward by N1.5 trillion to make am N27.5trn afta oil price increase and naira exchange rate reduce.
Minister of Budget and Economic Planning, Abubakar Bagudu, bin give tori pipo di update.
Bagudu say di, FEC also approve one appropriation Bill for 2024 wit one aggregate expenditure of N27.5 trillion, increase of ova N1.5 trillion from di previous estimate.
President Tinubu bin also write NASS, say make dem approve $8.6bn and €100m external borrowing plan for ogbonge infrastructure for areas like power, roads, water, railway, and health.
Di budget presentation dey come as Nigerians dey battle wit different economic palava as di cost of living kontinu to dey rise.
As inflation dey weaken di naira, businesses for Africa biggest economy dey face plenti wahala.
Di 2024 Appropriation theme na Budget of Renewed Hope, according to President Bola Tinubu. Dis na di key points from di presentation: Di president say di proposed budget aim na to achieve job-rich economic growth, macro-economic stability, Better investment environment, increase human capital development, and reduce poverty and greater access to social security, Defence and internal security go dey top priority. Security go improve so lives, property and investments across di kontri go dey safe, Goment focus go be to make sure say pipo dey get value for moni, greater transparency and accountability. “we go work more closely wit development partners and di private sector”. E tok, More sustainable model to fund tertiary education go dey implemented, Student Loan Scheme go become operational by January 2024, Expectations of di economy to grow by minimum of 76%, above di world average forecast, Inflation dey expected to moderate to 21.4% for 2024, Goment adopt oil price benchmark of 96 US Dollars per barrel and daily oil production estimate of 1.78 million barrels per day to match wit world oil market, Goment adopt one Naira to US Dollar exchange rate of 750 naira per US Dollar for 2024, Projected debt service for 45% of di expected total revenue, Budget deficit dey around 18 trillion naira for 2024 or 3.88 percent of GDP. Dis one dey lower dan di 13.78 trillion naira deficit wey dey recorded for 2023 wey represent 6.11% of GDP, di president add.
Tinubu also explain say goment go finance di deficit wit borrow-borrow moni wey reach 83 trillion naira, 298.49 billion naira from privatization proceeds.
Plus 1.05 trillion naira draw down on multilateral and bilateral loans wey dem secure for some development projects.
Di president say im goment still commit to general economic prosperity wey go go round.
E say goment dey review social investment programmes to improve dia implementation and effectiveness.
“In particular, di National Social Safety Net project go dey expanded to provide targeted cash transfers to poor and vulnerable households”.
Efforts dey to graduate beneficiaries wey already dey toward productive activities and employment.
Tinubu further tok say goment dey currently review tax and fiscal policies.
“Our target na to increase di ratio of revenue to GDP from less dan 10% currently to 18% within di term of dis administration”.
Goment go make efforts to further contain financial leakages through effective implementation of key public financial management reforms, Tinubu tok.
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