President Bola Ahmed Tinubu accompanied by Vice President Kashim Shettima, Wednesday, presented the 2024 Budget Proposal to the Joint Session of the 10th National Assembly in a ceremony held at the National Assembly Complex, Abuja.
The budget christined ‘Budget of Renewed Hope’ is, according to President Tinubu is designed to address economic growth, human capital development, poverty reduction and insecurity.
Key quotes from President Tinubu’s speech:
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. 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, 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 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.”
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.”
