President Bola Tinubu has presented the 2024 budget estimates of N27.5trn to the National Assembly (NASS).
Christened the ‘Budget of Renewed Hope’, the President said it will ensure micro-economic stability, poverty reduction, greater access to social security, amongst others.
He highlighted priority areas such as security, local job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security.
The President, during his first budget presentation before the joint session of the National Assembly, said the proposed budget prioritises human capital development, with particular attention given to children, because human capital remains the most critical resource for national development.
He also said Public Private Partnership would be explored to fund the budget.
Addressing the lawmakers, the President said, “Distinguished Senators and Honourable Members, in view of the limited resources available through the federal budget, we are also exploring Public Private Partnership arrangements to finance critical infrastructure.
“We, therefore, invite the private sector to partner with us to ensure that our fiscal, trade and monetary policies, as well as our developmental programs and projects succeed in unlocking the latent potential of our people and other natural endowments, in line with our national aspirations.”
He charged both arms of the legislative arm to work assiduously and “conclude with reasonable dispatch”, their deliberations on the 2024 budget estimates of N27.5trn.
The President was at the NASS Complex on Wednesday noon alongside his entourage including Vice President Kashim Shettima; the Chief of Staff to the President, Femi Gbajabiamila; Secretary to the Government of the Federation, George Akume; Minister of the Federal Capital Territory, Nyesom Wike; National Chairman of the All Progressives Congress (APC), Abdullahi Ganjude; amongst others.
The budget of N27.5 trillion is 26% higher than the 2023 budget presented by ex-President Muhammadu Buhari in 2022.
Meanwhile, the President also wrote NASS, seeking the approval of $8.6bn and €100m external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health.
