2024 Budget Presentation: Complete Address by President Tinubu to the National Assembly

President Bola Tinubu presented the 2024 appropriation bill to a joint session of the National Assembly on Wednesday. The President highlighted key sectors prioritized in the budget, including national defense, internal security, job creation, macro-economic stability, human capital development, social security, poverty reduction, and investment.

The proposed Budget of Renewed Hope aims to focus on these areas, and President Tinubu emphasized the importance of collaboration between the Executive and the National Assembly for the betterment of the country. The President expressed confidence in the National Assembly’s dedication to economic development and urged swift deliberations on the budget.

President Tinubu acknowledged the prevailing economic challenges globally and domestically but commended the resilience of the Nigerian economy. He highlighted the government’s commitment to addressing inflation through effective coordination of fiscal and monetary measures.

Reflecting on the performance of the 2023 budget, President Tinubu noted that despite challenges, the government continued to meet its obligations. The 2024 budget, themed the Budget of Renewed Hope, focuses on job-rich economic growth, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security.

Defense and internal security are given top priority, and the internal security architecture will undergo an overhaul. The budget also emphasizes sustainable funding for tertiary education, a stable macro-economic environment, and public-private partnerships for critical infrastructure projects.

President Tinubu outlined the economic projections, with a conservative oil price benchmark and an emphasis on sustainable development. The budget proposes an aggregate expenditure of 27.5 trillion naira, with a deficit projected at 3.88 percent of GDP, lower than the previous year.

The government remains committed to meeting its debt obligations, with projected debt service at 45% of expected total revenue. Efforts are underway to review social investment programs, tax, and fiscal policies to enhance revenue generation and contain financial leakages.

Public-private partnerships are being explored to finance critical infrastructure, and the private sector is invited to collaborate with the government in achieving national aspirations. President Tinubu expressed gratitude for the collaborative efforts of the National Assembly and emphasized the transformative potential of the 2024 budget.

In conclusion, President Tinubu laid before the National Assembly the 2024 Budget Proposals titled “The Renewed Hope Budget,” expressing confidence in the positive impact it can have on the nation’s future. He thanked the assembly for their attention and urged collective efforts toward a brighter and cleaner future for Nigeria.