2024 Budget: Tinubu’s Top Priorities

The 2024 Budget of Renewed Hope, which President Bola Tinubu presented to the National Assembly on Wednesday, included a list of some of its top priorities.

According to Tinubu, his priorities include social security, poverty alleviation, macroeconomic stability, local job creation, investment environment optimization, human capital development, and the country’s defense and internal security.

To improve law enforcement capabilities and protect people, property, and investments across the nation, he informed lawmakers that the internal security architecture of the country will be remodeled.

He claimed that as human capital is still the most important resource for the success of a country, the proposed budget places a high priority on its development, with special attention paid to children.

According to him, “To improve the effectiveness of our budget performance, the government will focus on ensuring value for money, greater transparency, and accountability. In this regard, we will work more closely with development partners and the private sector.

“To address long-standing issues in the education sector, a more sustainable model of funding tertiary education will be implemented. This includes the Student Loan Scheme scheduled to become operational by January 2024.”

In his speech on the economy, President Tinubu stated that his administration’s efforts to spur private investment and quicken economic growth depend heavily on a stable macroeconomic climate. Thus, to achieve sustainable growth, his government will keep enacting policies that are favorable to investors and businesses.

“We expect the economy to grow by a minimum of 3.76 percent, above the forecasted world average. Inflation is expected to moderate to 21.4 percent in 2024.

“In preparing the 2024 Budget, our primary objective has been to sustain our robust foundation for sustainable economic development. A critical focus of this budget and the medium-term expenditure framework is Nigeria’s commitment to a greener future.

“Emphasizing public-private partnerships, we have strategically made provisions to leverage private capital for big-ticket infrastructure projects in energy, transportation, and other sectors.

“This marks a critical step towards diversifying our energy mix, enhancing efficiency, and fostering the development of renewable energy sources. By allocating resources to support innovative and environmentally conscious initiatives, we aim to position Nigeria as a regional leader in the global movement towards clean and sustainable energy.

Speaking further, the President praised the 10th National Assembly’s patriotic determination to work with the Executive on the mission to restore Nigerians’ optimism and fulfill the promises given to the country with the greatest population in Africa.

“As you consider the 2024 Budget estimates, we trust that the legislative review process will be conducted to sustain our desired return to a predictable January-December fiscal year. I have no doubt that you will be guided by the interests of all Nigerians.

“We must ensure that only projects and programs with equitable benefits are allowed into the 2024 Budget. Additionally, only projects and programs that are in line with the sectoral mandates of MDAs and those that are capable of realizing the vision of our administration should be included in the budget,” the President declared.