President Bola Tinubu has announced a projected economic growth of at least 3.76% for Nigeria in 2024, surpassing the global average, while inflation is expected to moderate to 21.4%. He made this announcement during his presentation of the 2024 budget proposal at a joint session of the National Assembly in Abuja.

During his first address to the session, Tinubu outlined his administration’s priorities, which include enhancing national security, creating jobs locally, maintaining macroeconomic stability, improving the investment climate, fostering human capital development, reducing poverty, and expanding social security programs. He emphasized that a key focus of the 2024 budget and medium-term plans is Nigeria’s commitment to a sustainable, greener future.

On the issue of internal security, the President pledged to revamp Nigeria’s security architecture to protect lives, property, and investments. He highlighted that the budget would focus on investing in children’s development, as human capital is critical to the nation’s future. Tinubu also underscored the need for transparency, accountability, and value-for-money in government spending, noting that the administration will work closely with development partners and the private sector.

Regarding education, Tinubu mentioned the introduction of a sustainable funding model for tertiary education, including the implementation of the Student Loan Scheme set to begin in January 2024. He stressed that maintaining a stable macroeconomic environment is crucial to driving private investment and accelerating economic growth. The government will continue to implement business-friendly policies to foster long-term development.

The President reaffirmed the target of 3.76% economic growth in 2024 and outlined the government’s goal of reducing inflation to 21.4%. He stated that the 2024 budget is designed to maintain economic stability, diversify Nigeria’s energy mix, and boost the development of renewable energy. Emphasizing public-private partnerships, Tinubu said the budget includes provisions to leverage private capital for large infrastructure projects in energy, transportation, and other sectors. This approach, he said, would help position Nigeria as a leader in clean and sustainable energy.

Tinubu also spoke about Nigeria’s participation in the upcoming COP28 climate summit in Dubai, stating that his administration aims to secure funding commitments to support the country’s energy transition efforts. He urged Nigerian representatives at the summit to showcase the country’s progress in creating an enabling environment for sustainable energy initiatives.

The President detailed some of the budget parameters, noting that it was based on a conservative oil price benchmark of $77.96 per barrel and a daily production estimate of 1.78 million barrels. The exchange rate was set at 750 Naira per U.S. dollar for 2024.

Outlining the proposed expenditures in the 2024 budget, Tinubu said the Federal Government would spend 27.5 trillion Naira, with 9.92 trillion Naira allocated for non-debt recurrent expenditure, 8.25 trillion Naira for debt servicing, and 8.7 trillion Naira for capital projects. The projected debt service would account for 45% of total revenue, and the budget deficit is expected to be 9.18 trillion Naira, equivalent to 3.88% of GDP. This is a reduction from the 13.78 trillion Naira deficit in 2023. Tinubu explained that the deficit would be financed by new borrowings, privatization proceeds, and loans secured for specific development projects.

The President reaffirmed his administration’s commitment to broad-based economic prosperity, stating that social investment programs would be reviewed and expanded to improve effectiveness. Specifically, the National Social Safety Net project will be extended to provide targeted cash transfers to poor and vulnerable households.

Tinubu also emphasized his government’s efforts to reduce financial leakages by implementing public financial management reforms. He praised the 10th National Assembly for its willingness to work with the Executive branch to fulfill promises made to the Nigerian people.

In closing, the President called on the legislature to carefully review the 2024 budget, ensuring that only projects and programs with equitable benefits and aligned with the mandates of the relevant ministries and agencies are included. He expressed confidence that the Assembly would prioritize the interests of Nigerians in its budget deliberations.