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Tinubu Unveils N27.5trn 2024 Budget: ‘Budget of Renewed Hope’

Boom RadioNG | November 29, 2023

President Bola Tinubu has presented the 2024 budget proposal of N27.5 trillion to the National Assembly. Christened the ‘Budget of Renewed Hope’, the President emphasized its focus on micro-economic stability, poverty reduction, and greater access to social security.

Key Highlights:

  • N27.5 trillion budget, 26% higher than 2023
  • Prioritization of human capital development, especially children
  • Exploration of Public Private Partnerships for funding
  • $8.6bn and €100m external borrowing plan for critical infrastructure

President Bola Tinubu at the council chamber of the Aso Villa, Abuja.

A Budget for Renewed Hope

President Tinubu outlined the guiding principles of the 2024 budget:

  • Security: Ensuring the safety and security of all citizens
  • Local Job Creation: Stimulating job creation and economic growth
  • Macro-economic Stability: Maintaining a stable and predictable economic environment
  • Investment Environment Optimization: Fostering a conducive environment for investment
  • Human Capital Development: Investing in education, healthcare, and skills development
  • Poverty Reduction: Lifting Nigerians out of poverty
  • Social Security: Expanding access to social safety nets

Nigeria Senate Plenary session 2023 photo credit Tope Brown

Human Capital Development at the Forefront

The President emphasized the importance of human capital development, particularly for children. He stated, “Human capital remains the most critical resource for national development.”

Public Private Partnerships for Sustainable Funding

Recognizing the need for additional funding, the President announced plans to explore Public Private Partnership arrangements to finance critical infrastructure projects.

Call to Action for the National Assembly

President Tinubu urged the National Assembly to expedite the consideration and approval of the 2024 budget proposal. He stated, “I charge both arms of the legislative arm to work assiduously and ‘conclude with reasonable dispatch’ their deliberations on the 2024 budget estimates of N27.5trn.”

A Budget for a Brighter Future

The N27.5 trillion budget represents a significant investment in Nigeria’s future. With a focus on human capital development, poverty reduction, and micro-economic stability, the ‘Budget of Renewed Hope’ aims to lay the foundation for a more prosperous and equitable Nigeria.

Written by Boom RadioNG

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