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

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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.

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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.

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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.

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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.

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Police Trust Fund Bill Scales Second Reading In Senate

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The Senate on Tuesday passed for second reading a bill seeking to repeal the existing Nigeria Police Trust Fund Act, 2019 and enact a new legal framework to strengthen funding for the Nigeria Police Force.

The proposed legislation, titled the Nigeria Police Trust Fund Bill, 2026 (SB 1030), aims to provide sustainable financing for police equipment, training and welfare, while establishing a new structure for funding the Force.

Debate on the floor was heated, centring on the constitutionality of funding the Police Trust Fund through deductions from the Federation Account.

Leading the concerns, Senator Ibrahim Dankwambo warned that a proposed 0.5 per cent deduction could render the bill “null and void” if challenged in court, recalling that a similar arrangement had previously been set aside following opposition from state governors.

He also questioned how funding for the federal police would be harmonised with ongoing discussions around the creation of state police.

Other lawmakers, including Buhari Abdulfatai, argued that the core problem facing the police was not necessarily the volume of funding but the lack of adequate tools and operational support.

He noted that Nigeria currently has about 300,000 police officers serving a population of over 200 million.

The President of the Senate, Godswill Akpabio, stressed that while there is broad consensus on the need to improve police funding, the overriding concern remains compliance with the Constitution.

“We make the laws; we cannot also break the laws. The Constitution of Nigeria is the ground norm,” he said.

Akpabio urged his colleagues to interrogate whether the bill aligns with Sections 80 and 81 of the Constitution of Nigeria, which regulate withdrawals from the Consolidated Revenue Fund.

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In response, Mohammed Tahir Monguno cited Section 80(2) to argue that the National Assembly possesses the authority to legislate expenditures charged to the Consolidated Revenue Fund.

However, the Senate President countered that Section 81 requires such expenditures to be incorporated into the annual budget estimates, rather than being implemented as a direct statutory deduction.

Following the debate, Akpabio put the bill to a voice vote, with the “Ayes” prevailing and the legislation scaling second reading.

He noted that a public hearing would address lingering concerns, including accountability for previous Police Trust Fund expenditures, alternative sources of funding, and whether the proposed framework would accommodate state policing structures.

Akpabio also directed the Senate Committee on Police Affairs to brief the leadership on how past Trust Fund allocations were utilised.

The bill has now been referred to the Senate Committee on Police Affairs, which is expected to report back to the chamber within two weeks.

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Ndume Lauds Tinubu on ₦68bn Maiduguri Power Project

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Former Senate Leader Ali Ndume has commended President Bola Tinubu for approving ₦68 billion operational support for the Maiduguri Emergency Power Plant (MEPP).

The funding, to be released in phases from March 2026 to December 2028, aims to address power shortages in Borno State, exacerbated by insurgent attacks on infrastructure.

Ndume said this in Abuja Monday, explaining that stable power will boost economic activities, support SMEs, and complement military efforts against insurgents.

The federal lawmaker said, “I join the Borno state governor, Professor Babagana Zulum and other well-meaning citizens of my state to express
profound gratitude to President Bola Ahmed Tinubu for this great gesture, aimed at ensuring stable electricity in the state.

“The fund released to the Maiduguri Emergency Power Plant is a lifeline that would ultimately engender economic activities, particularly operations of Medium and Small Scale Enterprises (SMES).

“As the saying goes, an idle mind is a devil’s workshop. When the informal sector thrives in a place like Borno state, the government would have succeeded in cutting off the supply chain for recruitment of able-bodied men by the terrorists.

“Apart from that, the stimulus for the seamless operations of our military would have been strengthened.”

The former Senate Chief Whip equally urged the relevant federal and state agencies, the military and the citizenry to ensure that power infrastructures were no longer destroyed, either by insurgents or the nefarious activities of vandals.

“It is to the eternal credit of the federal government that it has responded speedily to our lamentations over power shortage.

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“I urge our people to be vigilant and assist the security agencies in checking the excesses of vandals.

“We owe it a duty to safeguard the facilities as the benefits of stable electricity are numerous. When power is restored, it will boost economic activities and improve livelihoods. It will also strengthen efforts to address security challenges.”

He urged citizens to safeguard power facilities and assist security agencies in preventing vandalism.

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FCCPC Probes Viral Everlasting Bread

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The Federal Competition and Consumer Protection Commission (FCCPC) has initiated an investigation into the viral social media storm surrounding a loaf of bread that reportedly remained fresh for nearly two months.

The probe follows widespread public concern sparked by a TikTok video posted by Abuja-based shop owner Love Dooshima (also known as “Love”).

In the video, she expressed alarm over a loaf of bread widely believed to be from Bon Bread that showed no signs of mold or spoilage even after sitting on her shelf for about two months.

She cautioned viewers about potential food safety implications and the heavy use of preservatives in some commercial breads.

The video quickly went viral, triggering intense online debate about bread production standards, excessive preservatives, and consumer rights in Nigeria.

Bon Bread’s CEO, Maria Abdulkadir (also referred to as Maria Umeagwukadilo), strongly defended the company’s products, describing them as safe.

The company responded by filing a ₦50 million lawsuit against Dooshima, alleging reputational damage and defamation.

The situation escalated when police in Abuja detained Dooshima for questioning over the review. She was later released following interventions, including from senior police authorities and public outcry.

Critics argued that the matter should have been handled by regulatory bodies rather than through police action or civil suits.

The FCCPC’s involvement comes amid growing calls for official intervention by the Commission and NAFDAC to test the product, verify compliance with safety standards, and address broader concerns over food preservatives and shelf-life practices in the industry.

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Consumer rights advocates have welcomed the probe, emphasizing that Nigerians deserve transparent information about the safety and quality of everyday food items.

The investigation is expected to examine whether the bread in question meets regulatory requirements and to clarify the balance between freedom of consumer expression and business reputation.

This case has highlighted tensions between brands, online reviewers, and regulators in Nigeria’s digital age.

 

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UAE to Exit OPEC

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The United Arab Emirates (UAE) says it is quitting the Organization of the Petroleum Exporting Countries (OPEC) after nearly 60 years of membership.

The Middle East nation is also exiting OPEC+, a wider alliance of the oil cartel.

The UAE said the decision reflected its “long-term strategic and economic vision and evolving energy profile”.

More to follow…

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Four Charged In Ibadan For Assault On Neighbour, Police

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The police on Tuesday, charged four people before an Iyaganku Magistrates’ Court in Ibadan, for allegedly beating up their neighbour and two police officers.

The defendants are Wahab Sikiru, 45; his wife, Taiwo Sikiru, 35; Taiwo Balikis, 30; and Ifeoluwa Alabi, 26.

They are standing trial on charges bordering on conspiracy, assault and conduct likely to cause a breach of peace.

They each, however, pleaded not guilty to the charges.

The prosecutor, Cpl. David Adepoju, told the court that the defendants conspired to commit the offenses on April 27, at Ido, Ibadan.

He alleged that following a misunderstanding, the defendants conspired to assault their neighbour, one Mrs Aduragbemi Edujobi, by beating her up and tearing her clothes to pieces.

The prosecutor alleged that the defendants also beat up two police officers, Insp. Mercy Sunday and PC Phebe Olatunde, in the cause of executing their lawful duties, and tore their uniforms and badges.

The offenses contravene the provisions of sections 249(d), 351 and 516 of the Criminal Law of Oyo State, 2000.

The Magistrate, Mrs Kausarat Ayofe, granted the defendants bail in the sum of N500,000 each, with two sureties each in like sum.

She adjourned the case until June 24, for hearing.

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Peter Obi Explains Jonathan Visit

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Peter Obi, the 2023 Labour Party presidential candidate and a leading aspirant for the 2027 election, has clarified that his Monday visit to former President Goodluck Jonathan was part of ongoing consultations with prominent national leaders ahead of the 2027 presidential race.

Obi led a delegation of top South-East leaders to Jonathan’s residence in Maitama, Abuja.

The closed-door meeting, which lasted about two hours, included figures such as former Enugu State Governor Okwesilieze Nwodo, former Imo State Governor Achike Udenwa, ex-NDDC Managing Director Onyema Ugochukwu, and Senators Ben Obi and Victor Umeh.

Speaking to journalists after the meeting, Obi described the engagement as a continuation of his broader consultations with former Nigerian leaders, including ex-Presidents Olusegun Obasanjo and Ibrahim Babangida.

“We need to consult them, especially someone like him (Jonathan) who served the country very faithfully, focused, and did what is expected in a democracy,” Obi said. “In this declining situation, you consult him.”

He emphasized that the visit was not about seeking endorsement or forming pacts, but about seeking wise counsel from experienced statesmen amid Nigeria’s current challenges.

The meeting comes as political activities and realignments intensify ahead of the 2027 general elections, with Obi positioning himself as a strong contender.

He has consistently framed such engagements as necessary steps to address the nation’s pressing issues through dialogue and experienced perspectives.

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Hamzat Vows Integrity After Sanwo-Olu Backing

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Obafemi Hamzat, deputy governor of Lagos State, says he will serve with integrity, focus and a clear sense of purpose if elected as the next governor.

The remark followed the endorsement of his 2027 governorship aspiration by Babajide Sanwo-Olu, the state governor.

According to a video seen by TheCable, Sanwo-Olu endorsed Hamzat as his successor during a meeting with party leaders at the governor’s office in Alausa on Monday.

The governor, who described Hamzat as the “best man for the job,” also offered prayers for his deputy, wishing him strength, peace and divine support in his future endeavours.

“Peace of mind, peace in your family among your children, wife, spouse and everybody. That which you require, God will provide it for you: renewed strength, God Almighty will make it available for you,” Sanwo-Olu said.

At the end of the meeting, Sanwo-Olu embraced his deputy and raised his hand before party members and leaders in a symbolic gesture that drew applause from those in attendance.

In an appreciation post on his X page, Hamzat said Sanwo-Olu’s endorsement means “a great deal” to him.

“Today, I am honoured by the endorsement of my Governor, my
brother and my friend, HE Governor Babajide Sanwo-Olu,” he wrote.

“His trust means a great deal to me. We’ve worked side by side in the service of Lagos State, and I don’t take this vote of confidence
lightly.”

“I remain committed to building on the progress we’ve made together, and look forward to serving Lagosians with integrity, focus and a
clear sense of purpose.”

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The development comes amid recent speculation over possible
contenders for the 2027 Lagos governorship ticket of the All Progressives Congress (APC), with political discussions suggesting that Hamzat had emerged as a leading contender.

However, Abdul-Azeez Adediran, popularly known as Jandor, a
former governorship candidate, had earlier dismissed claims that the party had settled for a preferred aspirant.

In a statement issued through his spokesperson, Gbenga Ogunleye, Jandor said no formal decision had been taken by the party leadership.

He added, however, that he would align with the outcome if the party eventually adopts a consensus candidate for the race.

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Gunmen Kidnap Ondo Farm Manager

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Some gunmen struck again in the Imafon community, in Akure North Local Government Area of Ondo State, on Monday, abducting a farm manager, Afolabi Ajayi.

The gunmen were said to have attacked the victim at about 10.30 while he came down from his car to enter the poultry farm.

A family source stated that since the manager had been kidnapped, the bandits had not contacted the family over the issue of ransom.

The source said, “He (victim) came to the poultry farm this morning to check on the workers and how the farm was being run, but the gunmen rushed out from the bush and took him to an unknown destination in the forest.”

The source said the matter was immediately reported at the police station.

Confirming the incident, the state Police Public Relations Officer, DSP Abayomi Jimoh, said the men of the state police command had been deployed in the area to rescue the victim and apprehend the perpetrators.

“The command has been notified of a kidnapping incident at Ilado, where a farmer was abducted while working on his farm.

“In swift response, additional security apparatus, including tactical teams, have been deployed and are currently combing the surrounding bush to ensure the safe rescue of the victim and apprehension of the perpetrators.

“The command assures the public that all necessary operational strategies are being employed, with utmost priority placed on the victim’s safety. Further updates will be communicated as the situation unfolds,” Jimoh stated.

Recall that on Sunday, gunmen abducted 23 pupils and the wife of a school proprietor in the Zariagi area of Lokoja, Kogi State.

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The incident, which occurred late Sunday, targeted a facility identified as Dahallukitab Group of Schools.

The Kogi State Commissioner for Information and Communications, Kingsley Fanwo, said security operatives responded swiftly, leading to the rescue of 15 of the abducted pupils.

 

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FG Panel Pegs Aviation Fuel At N1,760–N2,037/Litre

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The Federal Government has projected that aviation fuel prices could range between N1,760 and N2,037 per litre, following high-level engagements aimed at addressing persistent supply and pricing challenges in the sector.

The projection emerged after a meeting convened by the Minister of Aviation and Airspace Management on April 22 and 23, 2026, involving key stakeholders across the aviation and petroleum value chain.

Participants at the meeting included officials of the Ministry of Aviation, Ministry of Petroleum Resources, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Federal Airports
Authority of Nigeria, Nigerian Airspace Management Agency, Nigerian Civil
Aviation Authority, airline operators and aviation fuel marketers.

The meeting resolved to constitute a technical committee to further examine the issues and propose practical solutions.

Subsequently, the NMDPRA convened the committee on April 24, 2026, where key recommendations were made to stabilise the market and ensure sustainable supply.

According to the committee, the indicative end-user price of aviation turbine kerosene (ATK) is expected to range between N1,760 and N1,988
per litre in Lagos, and between N1,809 and N2,037 per litre in Abuja. The
pricing benchmark was based on Platts average rates recorded between April 17
and 23, 2026.

The committee noted that prices may fluctuate outside the stated range due to market volatility, including geopolitical tensions and varying operational costs among suppliers.

To improve efficiency in distribution, the committee recommended that the NMDPRA should direct marketers to sell aviation fuel directly to airline operators within the specified period.

It also called for regulatory engagement to review pricing components, including premium adjustments and cost variations recently introduced by refineries, with a view to ensuring price stability.

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In addition, the committee advised closer collaboration between the NMDPRA, FAAN and NCAA to streamline airside operations by validating distributors with adequate infrastructure and reducing the number of operators based on agreed criteria.

On the issue of mounting debts within the sector, the Ministry of Aviation was urged to facilitate a consultative meeting between oil marketers and airline operators to resolve outstanding obligations.

The committee further recommended that marketers consider introducing a 30-day credit window to ease financial pressure on airlines.

It also proposed the inclusion of aviation fuel under the Federal Government’s naira-for-crude initiative as part of broader efforts to stabilise supply and pricing in the sector.

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