President Bola Tinubu has assured that the 2024 budget of N27.5 trillion will set the country on a transformative path towards fostering economic growth, job creation, and environmental preservation.
Tinubu made the promise while presenting the 2024 budget to a joint session of the National Assembly in Abuja on Wednesday, November 29, 2023.
The president, who reiterated his administration’s commitment to improving standard of living of Nigerians and delivering promises to them, said the 2024 budget titled, ‘Budget of Renewed Hope’, has the potential to promote the development of Micro, Small and Medium-sized Enterprises, enhance security, and improve the general living conditions of the citizens.
He said: “As a government, we are committed to improving the lot of our people and delivering on our promises to them.
“The 2024 budget has the potential to boost performance, promote the development of Micro, Small and Medium-sized Enterprises, enhance security and public safety, and improve the general living conditions of our people.
“I am confident that these budgetary allocations and directives will set Nigeria on a transformative path towards a sustainable and resilient energy future, fostering economic growth, job creation, and environmental preservation.
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“It is with great pleasure, therefore, that I lay before this distinguished joint session of the National Assembly, the 2024 Budget Proposals of the Federal Government of Nigeria, titled The Renewed Hope Budget.”
President Tinubu added that from the N27.5 trillion, the non-debt recurrent expenditure is N9.92 trillion, debt service is projected to be N8.25 trillion, while capital expenditure is N8.7 trillion.
Tinubu stated that Nigeria remains committed to meeting its debt obligations, saying the projected debt service is 45 per cent of the expected total revenue.
The president added: “Budget deficit is projected at N9.18 trillion in 2024 or 3.88 per cent of GDP. This is lower than the N13.78 trillion deficit recorded in 2023 which represents 6.11 per cent of GDP.
“The deficit will be financed by new borrowings totalling N7.83 trillion, N298.49 billion from Privatization Proceeds and N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects.
“Our government remains committed to broad-based and shared economic prosperity. We are reviewing social investment programmes to enhance their implementation and effectiveness. In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households.
“In addition, efforts will made to graduate existing beneficiaries toward productive activities and employment.
“We are currently reviewing our tax and fiscal policies. Our target is to increase the ratio of revenue to GDP from less than 10 per cent currently to 18 per cent within the term of this administration.
“Government will make efforts to further contain financial leakages through effective implementation of key public financial management reforms.”
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