President Bola Tinubu has officially presented the 2024 Appropriation Bill of N27.5 trillion before a joint session of the Senate and the House of Representatives, News About Nigeria reports.
The budget was unveiled as the “Budget of Renewed Hope,” with Tinubu emphasizing a targeted economic growth of 3.76% for the fiscal year.
Entering the Chamber of the House of Representatives at 11.13 a.m., President Tinubu initiated the session with the National Anthem marking his arrival.
The President of the Senate, Godswill Akpabio, commenced the reading of the welcome address at 11.20 a.m., calling the House to order at 11.15 a.m.
Three weeks prior to the budget presentation, Tinubu had submitted the 2024–2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper, proposing N26.1 trillion as the total expenditure for the 2024 fiscal year.
However, the Senate, through its Committee on Finance, approved an adjusted figure of N27.5 trillion after interactive sessions with various entities.
During his presentation, President Tinubu highlighted the key priorities of the 2024 Appropriation Bill, emphasizing national security, local job creation, and poverty reduction.
The proposed budget aims for a 3.76% economic growth, focusing on a greener future and a commitment to value for money, transparency, and accountability.
In terms of expenditure breakdown, N9.92 trillion is allocated for non-debt recurrent expenditure, N8.25 trillion for debt service, and N8.7 trillion for capital expenditure.
Tinubu affirmed Nigeria’s commitment to meeting its debt obligations, with the budget deficit projected at N9.18 trillion or 3.88% of GDP, lower than the 2023 deficit.
To address long-standing issues in the education sector, Tinubu announced the implementation of a more sustainable model for funding tertiary education, including the operationalization of the Student Loan Scheme by January 2024.
Additionally, the President emphasized the importance of a stable macroeconomic environment to catalyze private investment and accelerate economic growth.
The deficit is set to be financed by new borrowings, privatisation proceeds, and drawdowns on multilateral and bilateral loans for specific development projects.
