10 Key Quotes From President Tinubu’s 2024 Budget Presentation To National Assembly

President Bola Tinubu, on Wednesday, presented the N27.5 trillion 2024 budget proposal to a joint session of the 10th National Assembly in Abuja — his first since assuming office exactly six months ago.⁣

VerseNews reports that president Tinubu made the presentation on Wednesday to the joint session of the National Assembly held at the temporary chamber of the House of Representatives.

The budget is christened ‘Budget for the Renewed Hope’.

Last week, the two chambers of the National Assembly passed the 2024-2026 Medium Term Expenditure Framework and the Fiscal Strategy Paper (FSP) with a total spending of N26 trillion for the 2024 budget fiscal year and a borrowing plan of N7.8 trillion.

While presenting details of the budget, Tinubu said the 2024 appropriation was designed to address economic growth, human capital development, poverty reduction and insecurity.

The president also said the 2024 budget will address issues in the education sector such as establishment of a sustainable model of funding tertiary education and implementation of the Student Loan Scheme scheduled to become operational by January 2024.

He explained that based on the parameters and fiscal assumptions, the recurrent expenditure will gulp N9.92 trillion, capital expenditure is N8.7trn, deficit projected at N9.18trn and debt servicing will gulp N8.25 trillion.

Below are the ten key quotes from president Tinubu’s 2024 budget presentation to the National Assembly

1. “The 2024 Appropriation bill has been themed the Budget of Renewed Hope.”

2. “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.”

3. “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.”

4. “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.”

5. “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.”

6. “Despite the global headwinds, the Nigerian economy has proven resilient, maintaining modest but positive growth over the past twelve months.”

7. “We’re 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 effective implementation of key public financial management reforms.”

8. “To improve the effectiveness of our budget performance, the 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.”

9. “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.”

10. “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.”