President Bola Tinubu presented the 2024 National Budget, highlighting key priorities such as national defense, internal security, job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security. The budget proposes an overhaul of the nation’s internal security architecture to enhance law enforcement capabilities and safeguard lives, property, and investments.
The President emphasized the importance of human capital development, particularly focusing on children, stating that it remains the most critical resource for national development. The budget aims to ensure value for money, transparency, and accountability, with a focus on sustainable funding for tertiary education, including the implementation of the Student Loan Scheme.
In addressing economic concerns, President Tinubu underscored the significance of a stable macro-economic environment to catalyze private investment and accelerate economic growth. The budget projects a minimum economic growth of 3.76 percent, inflation moderation to 21.4 percent in 2024, and a commitment to a greener future. The government plans to leverage private capital for major infrastructure projects in energy, transportation, and other sectors.
The President expressed a commitment to diversifying the energy mix, enhancing efficiency, and fostering the development of renewable energy sources. The budget allocates resources to support innovative and environmentally conscious initiatives, positioning Nigeria as a regional leader in clean and sustainable energy. President Tinubu called for international partnerships and investments aligned with national goals to achieve a future where energy drives development and environmental stewardship.
The budget adopts a conservative oil price benchmark of $77.96 per barrel and a daily oil production estimate of 1.78 million barrels. A Naira to U.S. Dollar exchange rate of 750 naira per U.S. Dollar is set for 2024. The 2024 Appropriation Bill outlines an aggregate expenditure of 27.5 trillion naira, with non-debt recurrent expenditure at 9.92 trillion naira, debt service at 8.25 trillion naira, and capital expenditure at 8.7 trillion naira.
President Tinubu assured the commitment to meeting debt obligations, with the budget deficit projected at 9.18 trillion naira or 3.88 percent of GDP. The deficit will be financed by new borrowings, privatization proceeds, and multilateral and bilateral loans for specific development projects. The President commended the National Assembly’s collaboration and urged a review process aligned with the interests of all Nigerians, ensuring equitable benefits from the budget.
