President Bola Tinubu has unveiled the core priorities of the 2024 Budget of Renewed Hope, emphasizing a strategic focus on national defense, internal security, job creation, macro-economic stability, optimized investment environment, human capital development, poverty reduction, and social security.
Speaking before a joint session of the National Assembly in Abuja during the presentation of the 2024 Federal budget proposal, President Tinubu highlighted plans to revamp the nation’s internal security architecture to strengthen law enforcement capabilities, ensuring the protection of lives, property, and investments across the country.
The proposed budget places a significant emphasis on human capital development, with a particular focus on children, recognizing them as the most critical resource for national development. In a bid to enhance budget performance, the government aims to ensure value for money, greater transparency, and accountability through closer collaboration with development partners and the private sector.
Acknowledging persistent challenges in the education sector, President Tinubu announced the implementation of a more sustainable model for funding tertiary education, including the initiation of the Student Loan Scheme scheduled to commence operations by January 2024.
In the economic sphere, President Tinubu underscored the importance of maintaining a stable macro-economic environment to catalyze private investment and drive economic growth. The government will continue to implement business-friendly measures to sustain growth, targeting a minimum economic growth of 3.76 percent and aiming for an inflation rate of 21.4 percent in 2024.
Emphasizing Nigeria’s commitment to a greener future, President Tinubu revealed provisions for public-private partnerships to leverage private capital for significant infrastructure projects, especially in the energy and transportation sectors. These initiatives aim to diversify the energy mix, enhance efficiency, and foster the development of renewable energy sources.
With the COP28 climate summit approaching, the President directed relevant government agencies to secure substantial funding commitments to support Nigeria’s energy transition. He urged proactive engagement to showcase the country’s strides in creating an enabling environment for sustainable energy projects.
President Tinubu disclosed a conservative oil price benchmark of $77.96 per barrel and a daily oil production estimate of 1.78 million barrels, considering global oil market trends. Additionally, a Naira to U.S. Dollar exchange rate of 750 naira per U.S. Dollar was adopted for 2024.
