President Bola Tinubu has assured Nigerians that the nation’s path to recovery from economic challenges is imminent. Presenting the 2024 appropriation bill before a joint session of the National Assembly in Abuja on Wednesday,, Tinubu expressed confidence that the budget would pave the way for transformative economic growth and development.
“I have no doubt that this will be in the interest of Nigerians. As a government, we are committed to improving the lives of our people and delivering on our promises to them,” affirmed President Tinubu. He emphasized the potential of the 2024 budget to boost performance, promote the development of enterprises at various scales, enhance security and public safety, and elevate the overall living conditions of the populace.
Acknowledging untapped opportunities in sectors such as solid minerals, President Tinubu declared, “I promise you that recovery is here.” He expressed optimism that the budgetary allocation would steer Nigeria towards a sustainable and resilient energy future, fostering economic growth, job creation, and environmental preservation.
President Tinubu presented a budget estimate of N27.5 trillion, marking his first budget presentation before the National Assembly since assuming office on May 29, 2023. The presentation followed the National Assembly’s approval of the president’s request to address a joint session.
Three weeks prior, the President had forwarded the 2024–2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper to both chambers of the National Assembly, proposing a total expenditure of N26.1 trillion for the 2024 fiscal year. However, on Monday, the budget was revised upwards by N1.5 trillion to N27.5 trillion, following adjustments to the oil price benchmark and the naira exchange rate.
Minister of Budget and Economic Planning, Abubakar Bagudu, revealed that the Federal Executive Council (FEC) approved the revision, adopting an exchange rate of N750 to $1 and a benchmark crude oil reference price of $77.96 per barrel.
The N27.5 trillion budget represents a 26% increase over the 2023 budget presented by former President Muhammadu Buhari in 2022. Concurrently, President Tinubu sought the National Assembly’s approval for an external borrowing plan of $8.6 billion and €100 million to fund critical infrastructure projects in areas such as power, roads, water, railway, and health.