From News Editor
President Bola Tinubu has presented the 2024 Appropriation Bill of N27.5 trillion to the joint session of the Senate and the House of Representatives.
The budget targets a 3.76% economic growth in 2024, while emphasizing commitment to a greener future and focus on human capital development.
The budget, titled “Budget of Renewed Hope,” defines a vision for economic growth, national security, job creation, and poverty reduction.
The proposed budget allocates N9.92 trillion for non-debt recurrent expenditure, N8.25 trillion for debt service, and N8.7 trillion for capital expenditure.
Tinubu pledges to overhaul the nation’s internal security architecture, enhance law enforcement capabilities, and safeguard lives, property, and investments.
Human capital development takes center stage, with attention given to children as a critical resource for national development.
He also highlighted commitment to a stable macroeconomic environment to catalyze private investment and accelerate economic growth. The budget deficit is projected at N9.18 trillion in 2024, lower than the previous year, and will be financed by new borrowings, privatisation proceeds, and drawdowns on multilateral and bilateral loans secured for specific development projects.
The President emphasizes transparency, accountability, and collaboration with development partners and the private sector to ensure value for money in budget performance.
The budget also addresses long-standing issues in the education sector, with plans for a more sustainable model of funding tertiary education, including the implementation of a Student Loan Scheme by January 2024
