Bola Ahmed Tinubu has reassured Nigerians that the nation is on the path to economic recovery, asserting that the 2024 budget will usher in a transformative era of economic growth and development.
During the presentation of the 2024 appropriation bill to a joint session of the National Assembly in Abuja on Wednesday, Tinubu expressed confidence that the budget would serve the interests of Nigerians, emphasizing the government’s commitment to improving the lives of the people and fulfilling promises.
“The 2024 budget has the potential to enhance performance, stimulate the development of macro, micro, and small and medium-sized enterprises, bolster security and public safety, and elevate the overall living conditions of our citizens.
“We have yet to fully tap into the significant opportunities in solid minerals and other sectors. I assure you that the era of recovery is here,
“I am confident that this budgetary allocation will set Nigeria on a transformative path towards a sustainable and resilient energy future, fostering economic growth, job creation, and environmental preservation,” he said.
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Presenting a budget estimate of N27.5 trillion, Tinubu’s first budget presentation since assuming office on May 29, 2023, highlighted the untapped potential in solid minerals and other sectors.
The National Assembly had granted the president’s request to present the budget to a joint session, marking a significant moment for Tinubu.
The revised budget, increased by N1.5 trillion to N27.5 trillion, followed adjustments to the oil price benchmark and the naira exchange rate, as announced by the Minister of Budget and Economic Planning, Abubakar Bagudu.
Bagudu informed reporters that the Federal Executive Council (FEC) revised the Medium-Term Expenditure Framework and Fiscal Strategy Paper, approving an exchange rate of N750 to $1 and a benchmark crude oil reference price of $77.96 per barrel. The revised Appropriation Bill for 2024, with an aggregate expenditure of N27.5 trillion, represents a significant increase from the earlier estimate.
Tinubu also sought the National Assembly’s approval for an external borrowing plan of $8.6 billion and €100 million, earmarked for essential infrastructure projects in power, roads, water, railway, and health.