President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to improving security and stimulating the nation’s economy. He made this declaration on Wednesday, the 29th of November 2023, during the 2024 Budget Presentation at the National Assembly in Abuja.
According to him, the security architecture will be rebuilt to ensure the safety of properties and investments across the country. Addressing the education sector, the president stated that a more sustainable model of funding higher education would be implemented, including the Student Loan Scheme scheduled to become operational by January 2024.
Regarding the country’s debt profile, Tinubu asserted that Nigeria remains resolute in meeting its debt obligations, maintaining that the projected debt service is 45% of the expected total revenue. The president also added that the budget deficit is projected at 9.18 trillion naira in 2024, representing 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023, which represented 6.11 percent of GDP.
Tinubu revealed that the deficit would be financed by new borrowings amounting to 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds, and a 1.05 trillion naira reduction in multilateral and bilateral loans obtained for specific development projects. He disclosed that his administration would continue to implement business and investment-friendly measures for sustainable growth, expecting the economy to grow by a minimum of 3.76 percent, above the forecasted world average.
He also emphasized his government’s resolve to leverage public-private partnerships, influencing private capital for significant infrastructure projects in energy, transportation, and other sectors—a critical step toward diversifying the nation’s energy mix, enhancing efficiency, and fostering the development of renewable energy sources.
“Our government remains committed to broad-based and shared economic prosperity. We are reviewing social investment programs 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 be 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 percent currently to 18 percent within the term of this Administration. The government will make efforts to further contain financial leakages through the effective implementation of key public financial management reforms,” he added.
The 2024 budget, tagged “The Budget Of Renewed,” seeks to address economic instability and various other national issues, as pointed out by the president.