President Tinubu Presents The N27.5 Trillion 2024 Budget To The NASS [VIDEO]

President Bola Tinubu and his entourage at NASS for budget presentation 

President Bola Tinubu has presented the 2024 Appropriation Bill of N27.5 trillion before a joint session of the Senate and the House of Representatives

The N27.5 trillion 2024 budget was presented by President Bola Tinubu to the National Assembly (NASS) in Abuja on Wednesday, November 29.

This is the first time the President has presented the budget before the joint session of the National Assembly since taking office on May 29, 2023.

Along with his entourage, which included Vice President Kashim Shettima, the President's Chief of Staff Femi Gbajabiamila, Secretary to the Government of the Federation George Akume, Minister of the Federal Capital Territory Nyesom Wike, and National Chairman of the All Progressives Congress (APC), Abdullahi Ganjude, the President arrived at the NASS Complex at approximately 11:10 a.m. 

The FG's 2024 budget proposes spending N27.5 trillion in total, of which N9.92 trillion is for non-debt recurring expenses, N8.25 trillion is for debt payment, and N8.7 trillion is for capital expenditures.

The budget is christened “Budget for the Renewed Hope.”

Read also: Tinubu Signs N2.17trn 2023 Supplementary Budget Into Law

The President outlined a few of the main issues included in the Renewed Hope Budget for 2024. 

The 2024–2026 Medium Term Expenditure Framework and the Fiscal Strategy Paper (FSP), which provide for borrowing N7.8 trillion and spending N26 trillion for the fiscal year 2024, were approved by the National Assembly's two houses last week. 

Mr. Tinubu stated that the 2024 appropriation was intended to address economic growth, human capital development, poverty reduction, and insecurity while outlining the budgetary details.

The president added that the Student Loan Scheme, which is set to launch in January 2024, and the creation of a sustainable model for financing postsecondary education are among the education-related concerns that will be addressed in the 2024 budget. 

He clarified that the N9.92 trillion in recurring expenses, the N8.7 trillion in capital expenditures, the N9.18 trillion projected deficit, and the N8.25 trillion debt servicing are all based on the parameters and fiscal assumptions. 

“Accordingly, an aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira.

“Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.”

In 2024, a 9.18 trillion naira budget deficit, or 3.88 percent of GDP, is predicted. This is less than the 2023 deficit of 13.78 trillion naira, or 6.11 percent of GDP. 

“The deficit will be financed by new borrowings totalling 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds and 1.05 trillion Naira drawdown on multilateral and bilateral loans secured for specific development projects.

“Our government remains committed to broad-based and shared economic prosperity. We are reviewing social investment programmes to enhance their implementation and effectiveness. In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households. In addition, efforts will be made to graduate existing beneficiaries toward productive activities and employment.

“We are currently reviewing our tax and fiscal policies. Our target is to increase the ratio of revenue to GDP from less than 10 percent currently to 18 percent within the term of this Administration. Government will make efforts to further contain financial leakages through effective implementation of key public financial management reforms,” Mr Tinubu said.

VIDEOS:

Full speech of President Tinubu's 2024 Budget Presentation at the National Assembly

🎥Credit: ChannelsTV