President Bola Ahmed Tinubu emphasized economic growth and national security as key priorities while presenting his inaugural budget proposal since assuming office and initiating sweeping reforms.
Addressing lawmakers in Abuja, President Tinubu highlighted the pivotal aspects of the 27.5-trillion naira ($34.84 billion) budget for 2024, stressing the critical need to attract investments and address the country’s cost-of-living challenges.
The proposed budget is aimed at fostering job creation, ensuring macroeconomic stability, improving the investment climate, enhancing human capital development, alleviating poverty, and enhancing access to social security, according to a statement from the presidency.
Acknowledging the current hardships faced by Nigerians due to the tripling of fuel prices and elevated food costs following the removal of fuel subsidies and the floating of the naira, Tinubu assured citizens that the short-term repercussions would yield long-term benefits by attracting more foreign investments to Africa’s largest economy.
The president detailed plans to extend targeted cash transfers to impoverished and vulnerable households, reaffirming the government’s commitment to ensuring broad-based and shared economic prosperity.
Highlighting Nigeria’s steep inflation rate, which surpassed 27 percent in the last year, Tinubu expressed the government’s anticipation of a decrease to 21.4 percent in 2024. He also projected a minimum 3.76 percent economic growth rate for the country.
Recognizing the nation’s complex security challenges posed by jihadist groups and bandit militias conducting large-scale abductions, Tinubu underscored the paramount importance of defense and internal security. He emphasized plans for a comprehensive overhaul of the internal security architecture to bolster law enforcement capabilities and safeguard lives, property, and investments nationwide.
Moreover, the president outlined measures to curtail the budget deficit from approximately 6.1 percent of GDP this year to below 3.9 percent by 2024.
The budget proposal awaits parliamentary approval, expected before the commencement of the new year, signifying a critical step in the government’s agenda to foster economic growth, ensure security, and drive reforms for the benefit of the nation.