President Bola Tinubu presented the 2024 Budget of Renewed Hope to the National Assembly on Wednesday, highlighting key priorities that aim to address pressing national issues.

Tinubu emphasized his commitment to security, job creation, poverty reduction, and economic stability.

According to the President, the 2024 budget places a strong emphasis on national defense and internal security. He expressed the need to overhaul the country’s internal security architecture to enhance law enforcement capabilities, safeguarding lives, property, and investments.

Tinubu emphasized the importance of human capital development, especially focusing on children, as he believes it is a critical resource for national development.

He stated, “To address long-standing issues in the education sector, a more sustainable model of funding tertiary education will be implemented, including the Student Loan Scheme scheduled to become operational by January 2024.”

The President also highlighted the significance of a stable macro-economic environment for catalyzing private investment and accelerating economic growth.

He stated, “We expect the economy to grow by a minimum of 3.76 percent, above the forecasted world average. Inflation is expected to moderate to 21.4 percent in 2024.”

In addressing environmental concerns, Tinubu announced a commitment to a greener future, emphasizing public-private partnerships for infrastructure projects in energy and transportation. He urged the need for Nigeria to emerge as a regional leader in the global movement towards clean and sustainable energy.

Regarding the budget breakdown, President Tinubu revealed, “Accordingly, an aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira.”

The President acknowledged the collaborative efforts of the National Assembly in renewing hope for Nigerians.

He urged a comprehensive review process focused on sustaining a predictable fiscal year, ensuring equitable benefits, and aligning projects with the administration’s vision.