Tinubu Expresses Confidence in Nigeria’s Economic Recovery, Unveils N27.5 Trillion Budget For 2024 Development

President Bola Tinubu has expressed confidence in Nigeria’s economic recovery, assuring citizens that the 2024 budget will pave the way for transformative 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 do not 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, making his first budget presentation before the lawmakers since assuming office on May 29, 2023, submitted budget estimates totaling N27.5 trillion to a joint session of the National Assembly.

The upper chamber on Tuesday approved the president’s request to present the budget to a joint session comprising 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 sent the 2024–2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper to both chambers of the National Assembly, proposing a total expenditure profile of N26.1 trillion 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 that the Federal Executive Council (FEC) modified the Medium-Term Expenditure Framework (MTEF) and Fiscal Policy. The revision included adopting an exchange rate of N750 to $1 and setting a benchmark crude oil reference price of $77.96 per barrel.

According to Bagudu, the Federal Executive Council (FEC) gave approval to an Appropriation Bill for 2024, indicating a total expenditure of N27.5 trillion. This represented a notable increase of over N1.5 trillion from the initial estimate.

The budget of N27.5 trillion is 26% higher than the 2023 budget presented by ex-President Muhammadu Buhari in 2022.

President Tinubu has asked the National Assembly to approve $8.6 billion and €100 million for essential infrastructure projects like power, roads, water, railway, and health. This demonstrates the government’s commitment to addressing key national needs.

Kanyi Daily recalls that Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy, had expressed optimism that Nigerians will soon experience positive changes under this administration.