Nigerian President Bola Ahmed Tinubu announced the 2024 “Renewed Hope” Budget. It aims to build a foundation for the nation’s growth.
He presented this vision in Abuja, at the National Assembly. The budget focuses on Nigeria’s future prosperity.
Key priorities include human capital, poverty reduction, and macroeconomic stability. Also, local job creation, national defense, internal security, and social welfare are important.
President Tinubu described the budget’s goals. These include macroeconomic stability, deficit reduction, and increased capital investment. The budget targets eight key areas. It lays the groundwork for Nigeria’s future.
Global challenges are acknowledged. These include post-COVID issues and international conflicts. He predicts 3.0% global growth in 2024. This impacts Nigeria, given its import reliance.
He spoke to the National Assembly. He noted Nigeria’s resilience in tough global conditions. Focus areas are inflation management and policy coordination.
The budget aims to complete essential infrastructure. This will reduce business and living costs.
Human capital development is a priority, especially for children. Efforts for budget efficiency and transparency are highlighted. Partnerships with the private sector and development partners are key.
Education funding reforms are planned. A student loan scheme will start in January 2024.
President Tinubu emphasized a stable macroeconomic environment. This will boost private investment and growth. He expects economic growth and moderated inflation in 2024. The focus is on sustainable development and a greener future.
Plans include public-private partnerships for infrastructure. Nigeria commits to renewable energy. It seeks a leadership role in sustainable energy.
Ahead of COP28, President Tinubu seeks funding for energy transition. The goal is to attract international partnerships.
He reaffirmed commitments to inclusive economic growth. Social investment programs will be enhanced. Cash transfers will expand to aid poor and vulnerable households.
President Tinubu thanked the Senate and House of Assembly. He praised their quick budget response. He emphasized the need for executive-legislative collaboration for national welfare