Connect with us

NEWS

2024 Budget Presentation: SEE President Tinubu’s Full Speech At National Assembly

Published

on

President Bola Tinubu, on Wednesday, presented the 2024 appropriation bill before a joint session of the National Assembly.

The President in his presentation outlined the major sectors of the economy under which the budget will be prioritised.

Tinubu outlined national defence and internal security, local job creation, macro-economic stability, human capital development, social security, poverty reduction and investment as some of the areas his Budget of Renewed Hope will focus on.

See full text of President Tinubu’s speech at the budget presentation…

— The Vice President, Senator Kashim Ibrahim Shettima, GCON
— The Senate President, Distinguished Senator Godswill Akpabio, GCON
— The Right Honourable Speaker, Tajudeen Abbas
— APC National Chairman, His Excellency, Abdullahi Umar Ganduje
— Executive Governors here present
— Distinguished Leaders and Members of the National Assembly
— Secretary to the Government of the Federation
— Chief of Staff to the President
— Other Senior Government Officials here present
— Gentlemen of the Press
— Ladies and Gentlemen

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly.

Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion to economic development and to the greater welfare of our people. It also highlights your desire to work in close collaboration with the Executive branch. We do not serve ourselves. We must always strive to work together to serve and benefit the people of our beloved country.

I am confident that the National Assembly will continue to work closely with us to ensure that deliberations on the 2024 Budget are thorough but also concluded with reasonable dispatch. Our goal is for the Appropriation Act to come into effect on the 1st of January 2024.

It is, by now, a matter of recorded history that my very first fiscal intervention as President of this great nation was to end the fuel subsidy regime which had proven to be so harmful to the overall health of our national economy. The second was to negotiate and subsequently present a supplementary budget to enable my government to fund the items needed to restore macro-economic stability and mitigate the harsh impact of subsidy removal.

The third was to secure a second supplementary budget, this time to enable us to keep our promises to promote national security, invest in infrastructure and provide much needed support to the most vulnerable households in our society.

In swearing-in my cabinet and reflecting on the unique challenges facing us, I invited the Ministers to imagine that we are attempting to draw water from a dry well. Today, I stand before you to present our Budget of Renewed Hope; a budget which will go further than ever before in cementing macro-economic stability, reducing the deficit, increasing capital spending and allocation to reflect the eight priority areas of this Administration. The budget we now present constitutes the foundation upon which we shall erect the future of this great nation.

READ ALSO:  Christmas: Enugu CP Orders Massive Deployment of Resources, Assures Security

PREVAILING ECONOMIC ENVIRONMENT

Economic conditions remain challenging both abroad and at home. Despite lingering Post-Covid supply and production bottlenecks, armed conflict in various parts of the world and restrictive monetary policies in major economies, we expect global growth to hover around 3.0 percent in 2024. This relative low rate has significant implications for our economy due to our current reliance on importation.

Distinguished Senators, Honourable Members: despite the global headwinds, the Nigerian economy has proven resilient, maintaining modest but positive growth over the past twelve months.

Inflation has trended upward due to weak global conditions. To contain the rising domestic prices, we will ensure effective coordination of fiscal and monetary policy measures, and collaborate with sub-national governments to address structural factors driving inflation in Nigeria.
The Budget proposal meets our goal of completing critical infrastructure projects which will help address structural problems in the economy by lowering the costs of doing business for companies and the cost of living for the average person, The Honourable Minister of Budget and Economic Planning will provide full details of this proposal.

PERFORMANCE OF THE 2023 BUDGET

Distinguished Senators and Honourable Members, an aggregate revenue of 11.045 trillion naira was projected to fund the 2023 Budget of 24.82 trillion naira with a deficit of about 6.1 percent of GDP.
As of September 30, the Federal Government’s actual aggregate revenue inflow was 8.65 trillion naira, approximately 96 percent of the targeted 8.28 trillion naira.
Despite the challenges, we continue to meet our obligations.

THEME AND PRIORITIES OF THE 2024 BUDGET

Distinguished Senators, Honourable Members, permit me to highlight key issues relating to the budget proposals for the next fiscal year. The 2024 Appropriation has been themed the Budget of Renewed Hope. The proposed Budget seeks to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.

Defence and internal security are accorded top priority. The internal security architecture will be overhauled to enhance law enforcement capabilities and safeguard lives, property and investments across the country.

Human capital is the most critical resource for national development. Accordingly, the budget prioritizes human development with particular attention to children, the foundation of our nation.
To improve the effectiveness of our budget performance, government will focus on ensuring value for money, greater transparency and accountability. In this regard, we will work more closely with development partners and the private sector.

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.

READ ALSO:  I'm Not seeking Third Term — Donald Trump

A stable macro-economic environment is important to catalyse private investment and accelerate economic growth. We have and shall continue to implement business and investment friendly measures for sustainable growth.

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 preparing the 2024 Budget, our primary objective has been to sustain our robust foundation for sustainable economic development. A critical focus of this budget and the medium term expenditure framework is Nigeria’s commitment to a greener future.

Emphasizing public-private partnerships, we have strategically made provisions to leverage private capital for big-ticket infrastructure projects in energy, transportation and other sectors. This marks a critical step towards diversifying our energy mix, enhancing efficiency, and fostering the development of renewable energy sources. By allocating resources to support innovative and environmentally conscious initiatives, we aim to position Nigeria as a regional leader in the global movement towards clean and sustainable energy.

As we approach COP 28 climate summit, a pivotal moment for global climate action, I have directed relevant government agencies to diligently work towards securing substantial funding commitments that will bolster Nigeria’s energy transition.

It is imperative that we seize this opportunity to attract international partnerships and investments that align with our national goals. I call upon our representatives to engage proactively to showcase the strides we have made in the quest to create an enabling environment for sustainable energy projects.

Together, we will strive for Nigeria to emerge from COP 28 with tangible commitments, reinforcing our dedication to a future where energy is not only a catalyst for development but also a driver of environmental stewardship.

Distinguished members of the National Assembly, the revised 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sets out the parameters for the 2024 Budget.
After a careful review of developments in the world oil market and domestic conditions, we have adopted a conservative oil price benchmark of 77.96 US Dollars per barrel and daily oil production estimate of 1.78 million barrels per day. We have also adopted a Naira to US Dollar exchange rate of 750 naira per US Dollar for 2024.

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.

Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.

Budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023 which represents 6.11 percent of GDP.

The deficit will be financed by new borrowings totalling 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds and 1.05 trillion naira drawdown on multilateral and bilateral loans secured for specific development projects.

READ ALSO:  Obi Reaffirms ADC Membership, Calls for National Unity At Enugu Meeting

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 percent currently to 18 percent within the term of this Administration. Government will make efforts to further contain financial leakages through effective implementation of key public financial management reforms.

Distinguished Senators and Honourable Members, in view of the limited resources available through the federal budget, we are also exploring Public Private Partnership arrangements to finance critical infrastructure.

We, therefore, invite the private sector to partner with us to ensure that our fiscal, trade and monetary policies, as well as our developmental programs and projects succeed in unlocking the latent potential of our people and other natural endowments, in line with our national aspirations.
Distinguished Senators and Honourable Members, this Budget presentation would be incomplete without commending the patriotic resolve of the 10th National Assembly to collaborate with the Executive on our mission to renew hope and deliver on our promises to the Nigerian people. I assure you of the strong commitment of the Executive to sustain and deepen the relationship with the National Assembly.

As you consider the 2024 Budget estimates, we trust that the legislative review process will be conducted with a view to sustaining our desired return to a predictable January-December fiscal year.
I have no doubt that you will be guided by the interest of all Nigerians. We must ensure that only projects and programs with equitable benefits are allowed into the 2024 Budget. Additionally, only projects and programs which are in line with the sectoral mandates of MDAs and which are capable of realizing the vision of our Government should be included in the budget.

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.

In closing, 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.

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.

I thank you most sincerely for your attention. May we collectively chart the course towards a brighter and cleaner future for our great nation.

May God bless the Federal Republic of Nigeria

Ojogwu Godwin Chukwudi hailed from Delta State. A young talented personality, Alumnus of Delta State university,Abraka Studied Library and information science. He is an intellectual cyber communicator expert and a prolific blogger professional.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

NEWS

President Tinubu Opens New Judges’ Residences, Hails Investment in Justice

Published

on

 

President Bola Tinubu has reaffirmed his administration’s commitment to judicial independence and institutional reforms with the commissioning of a newly completed 10-unit Court of Appeal Judges’ Quarters in Katampe District, Abuja.

Speaking through the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), Tinubu described the project as a strategic investment in democratic governance and the rule of law.

He emphasized that judicial welfare and infrastructure are essential to strengthening independence, efficiency, and service delivery.

“This event is more than the unveiling of physical infrastructure; it is a tangible demonstration of the Federal Government’s enduring commitment to the welfare, independence, efficiency and dignity of the judiciary,” Tinubu stated.

The President disclosed that additional land has been earmarked for future judicial projects, including facilities for the National Industrial Court, the Code of Conduct Bureau, the Federal High Court, and the FCT High Court, noting that the area could soon be known as “Judiciary Boulevard.”

Tinubu commended FCT Minister Nyesom Wike for executing the project efficiently and urged state governments to emulate the Federal Government by investing in judicial infrastructure.

Wike, in his remarks, stressed that governors must take responsibility for federal judicial institutions within their states, citing his own experience in Rivers State where he facilitated the establishment of a National Industrial Court division.

President of the Court of Appeal, Justice Monica Dongban-Mensem, hailed the project as a milestone, noting that secure housing enhances judicial independence and protects officers from undue influence.

The estate, built by Details to Dots Development Nigeria Limited, comprises 10 fully furnished five-bedroom duplexes with boys’ quarters, an event centre, recreational facilities, paved roads, water and electricity systems, and a secured gatehouse.

READ ALSO:  JUST IN: CBN Sells Forex To BDCs At N1,251/$1

 

The commissioning follows the recent inauguration of the new Court of Appeal complex in Abuja, underscoring Tinubu’s broader governance reforms through sustained investment in judicial infrastructure.

 

Aprokorepublic

Continue Reading

NEWS

Senate Cuts Recess Short for Emergency Session on Insecurity

Published

on

 

The Senate has summoned lawmakers for an emergency sitting on June 23 to deliberate on matters relating to national security and other urgent national issues.

In a notice dated June 15 and signed by Emmanuel Odo, clerk of the Senate, lawmakers were directed to reconvene at 11am in the Senate chamber.

The notice said the emergency sitting was convened at the instance of Godswill Akpabio, the senate president.

“The purpose of this emergency sitting is to enable the Senate consider matters of urgent national importance, particularly issues relating to national security and other critical concerns that require
immediate legislative attention,” the notice reads.

“The Senate deeply regrets any inconvenience that this emergency sitting may occasion.

“Distinguished Senators are kindly requested to make necessary arrangements to attend the sitting.”

The emergency session cuts short the senate’s recess. The upper legislative chamber had adjourned plenary on June 11 and was scheduled to
resume on July 7.

The decision comes amid growing concerns over insecurity across the country, including recent attacks and incidents of abduction in several states.

On Monday, the house of representatives also reconvened for an emergency sitting to consider an amendment to the 2025 appropriation act extending the implementation period for the capital component of the budget from June 30 to September 30.

Aprokorepublic

READ ALSO:  Subsidy Removal: Indigent People In Aku/Ejuona Community Recieve Palliative
Continue Reading

NEWS

Lagos Bus Driver Allegedly Beaten to Death by NAF Officers After Collision

Published

on

 

 

 

Joseph Okpe, a 43-year-old commercial bus driver, has died after allegedly being beaten by officers of the Nigerian Air Force (NAF) along the Oshodi-Apapa expressway in Lagos.

The incident happened on May 9, 2026 following a dispute over a traffic incident involving a vehicle belonging to the NAF officers.

According to Punch, Innocent Okpe, deceased’s brother, deposed
to an affidavit deposed at the high court of the Federal Capital Territory
(FCT) in the Maitama judicial division, over the matter.

In the affidavit, the deceased’s brother said Okpe was driving his commercial bus when he was accosted by NAF personnel travelling in a Coaster bus with registration number GO 1–14AF.

The officers allegedly accused him of hitting their vehicle and demanded N100,000 as compensation for the damage.

The officers were alleged to have started beating and punching the commercial bus driver’s face when could not provide the money.

Okpe, a father of three and a wife, was said to have nearly lost consciousness during the punching of his face by the NAF officers

The officers reportedly stopped the beating after passers-by and other commercial bus drivers intervened.

The passers-by were said to have offered N50,000 compensation to the NAF personnel.

According to the affidavit, Okpe was rushed to several hospitals where he was reportedly rejected after the NAF personnel left the scene and continued their journey.

A source told the publication that Okpe was eventually taken to Charing Cross Clinic in Mushin, Lagos, where he was pronounced dead at about 5pm.

READ ALSO:  Subsidy Removal: Indigent People In Aku/Ejuona Community Recieve Palliative

A medical certificate of cause of death signed by Okechukwu Ogboo, a medical doctor at Charing Cross Clinic, Mushin listed the primary cause of death as “severe head injury,” while the secondary cause was stated as
“pulmonary failure until his death”.

NAF SPEAKS

When TheCable reached out to Ehimen Ejodame, NAF
spokesperson, for enquiry over the matter, Ejodame said the airforce was
currently investigating the case.

Ejodame said the suspected NAF personnel involved in the
case were immediately taken to the custody.

“The Nigerian Air Force is aware of the reported incident and is deeply saddened by the loss of life,” the NAF spokesperson said.

“Upon receiving information on the matter, the personnel suspected to be involved were immediately taken into custody, and the case is currently under investigation by the appropriate civil and military authorities.

“The NAF has also extended its condolences to the family of the deceased and visited them to express sympathy and support during this
difficult time.

“As investigations are ongoing, it would be inappropriate to make further comments at this stage. The Nigerian Air Force remains committed
to due process, accountability and the rule of law.”

Aprokorepublic

Continue Reading

NEWS

I Prostrated for My Wife, She’s in Charge at Home – Actor Elesho

Published

on

 

Adewale Elesho, the ace Nigerian actor, has revealed that he regards his wife as the head of his household.

“My wife is my leader,” he said in an interview on African A-List.

The actor also disclosed that he prioritises his wife’s opinion in family matters, particularly when it involves extended relatives.

Elesho, popularly known as Baba Elesho, recounted a situation where his mother developed an eye problem and expressed discomfort while staying with one of his younger siblings. He said he decided to bring her to his home in Lagos.

The film star said when he got home, he went upstairs, prostrated for his wife and told her he had come with a visitor

“My mom had an eye problem and I brought her to my home. The day I went to carry her from my younger sibling’s house, she told me she wasn’t comfortable with where she was. So I brought her to Lagos,” he said.

“Despite the fact that she’s my mother, she is an emergency visitor. When I got home, I drove in. It was a Sunday, I went upstairs and went to prostrate for my wife and told her I had come with a visitor.

“She asked, who? I replied Alhaja. She asked what happened and I explain everything to her.”

He said he consulted his wife before bringing his mother inside because he sees her as the “owner of the home”.

“My wife said if it was her mother that was in that situation, she would also bring her home,” he said.

READ ALSO:  I'm Not seeking Third Term — Donald Trump

“She then asked where she was. I said she is inside the car and I came to speak to her first because she had to be happy about it. She owns the home, and her reaction matters.”

Aprokorepublic

Continue Reading

NEWS

NAFDAC Warns Nigerians Over Contaminated Children’s Drug Recalled in US

Published

on

 

The National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians against children’s ibuprofen oral Suspension, which was recalled in the United States.

In a post on X, NAFDAC said it received notification that the United States Food and Drug Administration had announced the recall of approximately 90,000 bottles of the drug due to the presence of foreign
material in the product.

NAFDAC said that Strides Pharma Inc initiated the recall after consumers complained of a “gel-like mass” and “black particles” in the oral suspension.

The agency said that the product was manufactured by Strides Pharma Inc. in India for Taro Pharmaceuticals USA Inc.

NAFDAC said the affected batches are lot numbers 7261973A and 7261974A, with an expiry date of January 31, 2027.

The agency cautioned that the presence of foreign material in medicinal products could compromise their quality, safety, and effectiveness.

NAFDAC said administering contaminated oral suspensions may
result in adverse reactions among children, and could pose choking or
gastrointestinal risks depending on the nature of the contaminant.

The affected product is children’s ibuprofen oral suspension, USP, 100 mg/5 ml, packaged in 120 mL (4 fl. oz.) bottles, and were distributed nationwide in the US.

NAFDAC said although the affected products were distributed and recalled within the US, it is taking precautionary measures to prevent them
from entering Nigeria through authorised or unauthorised channels.

The agency said it had directed all its zonal directors and state coordinators to intensify surveillance activities and remove the products from circulation if found in their jurisdictions.

READ ALSO:  I'm Not seeking Third Term — Donald Trump

“NAFDAC remains committed to safeguarding public health and
will continue surveillance activities to ensure the quality, safety, and
efficacy of medicines circulating in Nigeria,” the agency said.

NAFDAC, however, urged importers, distributors, retailers, and healthcare professionals to remain vigilant and ensure that medical products are sourced only from authorised and licensed suppliers.

The agency noted that healthcare facilities should immediately inspect their inventories and quarantine any affected batches if identified.

Aprokorepublic

Continue Reading

NEWS

I’ll Dialogue With Gumi, Igboho and Others as President – Peter Obi

Published

on

 

Presidential candidate of the Nigerian Democratic Congress, NDC, Peter Obi, has said if elected as Nigerian President, he would negotiate with agitators from different parts of the country.

In an interview on Nevon News hosted by Rufai Oseni, Obi said he would sit down with the Yoruba nation agitator, Sunday Igboho, controversial Islamic cleric, Ahmad Gumi and Biafra agitators for negotiation.

He said, “When I’m elected, I will discuss with everybody. I’m not there to apportion blame on who is wrong or right.

“In solving this problem, I want to sit down with everybody and say, “let’s go this way”. As a president, I will sit down with people and talk, and you will see it.

“I did it as governor, I brought people, including traditional rulers, and talked with them”.

Asked what he would do if Gumi and others fail to listen to him, Obi said, “They will listen to me, they are in the problem. How can you call someone who is sick to come to the hospital, and he says he won’t come”?

Aprokorepublic

READ ALSO:  JUST IN: CBN Sells Forex To BDCs At N1,251/$1
Continue Reading

NEWS

NDC Picks Kwankwaso’s Son as Deputy Guber Candidate in Kano

Published

on

 

Mustapha Rabiu Kwankwaso has been announced as the deputy governorship candidate of the Nigerian Democratic Congress, NDC, in Kano State.

Mustapha will be running alongside Aminu Gwarzo, who is the NDC governorship candidate.

Mustapha Kwankwaso is the first son of the NDC vice presidential candidate, Rabiu Kwankwaso.

This was confirmed by the Spokesperson of the Kwankwasiyya movement, Habibu Saleh Mohammed, in a statement on Monday.

“HE Aminu Abdussalam Gwarzo unveiled Hon Mustapha Rabiu Musa
Kwankwaso as running mate for the 2027 Governorship Election,” he said.

Aprokorepublic

READ ALSO:  We Received N80,000 Minimum Wage In November– Enugu Labour Leaders
Continue Reading

NEWS

Tinubu Hails Wike as ‘Mr Fix-It’ Over FCT Projects, Says He Knew He’d Deliver

Published

on

President Bola Tinubu has praised the Minister of the Federal Capital Territory (FCT), Nyesom Wike, for his swift execution of key projects in Abuja, describing him as “Mr Fix-It.”

Speaking at the commissioning of the newly built Court of Appeal, Abuja Division, Tinubu, represented by Vice President Kashim Shettima highlighted Wike’s dedication and efficiency.

Tinubu noted that when he appointed Wike in May 2024, he was confident the minister would not “sleep” until the project was delivered.

By July of that year, contractors were already on site, and within 16 months the complex was completed without delays or cost variations

.“This is not just a building; it’s a statement under the Renewed Hope Agenda that justice must have a befitting home,” Tinubu said.

“For too long, the Abuja division operated from a cramped temporary space. Today, Nigerians can see the difference. Well done, Wike.”

The Court of Appeal complex, located in Dakibiu, is part of Tinubu’s third-anniversary achievements and underscores his administration’s commitment to strengthening the rule of law.

Aprokorepublic

READ ALSO:  Obi Reaffirms ADC Membership, Calls for National Unity At Enugu Meeting
Continue Reading

NEWS

Nigeria’s Defence Minister Blames Middle East, Ukraine Wars for Arms Shortage

Published

on

 

 

Nigeria’s Minister of Defence, General Christopher Musa, rtd, has attributed the inability of Nigeria and other countries to procure military equipment needed to tackle insecurity to the ongoing conflicts
involving Israel, Iran, the United States, Russia and Ukraine.

General Musa equally decried the absence of a comprehensive national database, saying it was hindering the efforts of security agencies, particularly the police, in tracking criminals and preventing crimes.

The minister made the statement on Saturday while delivering a keynote address at the Nigerian People’s Strategic Conference and Defence Exhibition 2026 in Abuja.

He noted that global conflicts had disrupted access to military hardware, making it imperative for Nigeria to strengthen local defence
production.

“With the war in Ukraine, Russia, Iran, the U.S. and Israel, it’s been extremely difficult getting equipment.

“Because most times, they do down payment because they have the money and they produce most of these items. So even when you go to get,
they have booked for them, and so it’s difficult.

“The only solution is for us to produce what we need,” he said.

He pleaded with the National Assembly to support the creation of a comprehensive database for Nigerians, describing it as critical
to effective policing and national security.

Aprokorepublic

READ ALSO:  JUST IN: CBN Sells Forex To BDCs At N1,251/$1
Continue Reading

Trending