Skip to main content

2024 Budget’ll Lay Foundation For Economic Growth, Tinubu Assures

President Bola Tinubu has assured that the 2024 budget of N27.5trillion will set the country on a transformative path towards fostering economic growth, job creation, and environmental preservation.

Tinubu made the promise while presenting the 2024 budget to a joint session of the National Assembly in Abuja on Wednesday, November 29, 2023.

The president, who reiterated his administration’s commitment to improving standard of living of Nigerians and delivering promises to them, said the 2024 budget titled, ‘Budget of Renewed Hope’, has the potential to promote the development of Micro, Small and Medium-sized Enterprises, enhance security, and improve the general living conditions of the citizens.

He said: “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.

“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.”

President Tinubu added that from the N27.5trillion, the non-debt recurrent expenditure is N9.92trillion, debt service is projected to be N8.25trillion, while capital expenditure is N8.7trillion.

Tinubu stated that Nigeria remains committed to meeting its debt obligations, saying the projected debt service is 45 per cent of the expected total revenue.

The president added: “Budget deficit is projected at N9.18trillion in 2024 or 3.88 per cent of GDP. This is lower than the N13.78trillion deficit recorded in 2023 which represents 6.11 per cent of GDP.

“The deficit will be financed by new borrowings totalling N7.83trillion, N298.49billion from Privatization Proceeds and N1.05trillion drawdown on multilateral and bilateral loans secured for specific development projects.

“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 per cent currently to 18 per cent within the term of this administration.

“Government will make efforts to further contain financial leakages through effective implementation of key public financial management reforms.”

Comments

Post a Comment

Popular posts from this blog

2023 Census: We Won’t Ask Questions On Religion –NPC

2023 Census: We Won’t Ask Questions On Religion  –NPC By Editor  Ahead of the commencement of the 2023 census, the National Population Commission (NPC) on Wednesday said it will not ask questions on religious affiliation. In a statement on Wednesday by the Director of Public Affairs, Isiaka Yahaya, the commission said the decision to exclude religion along with ethnicity from the census questionnaire was taken in consideration of the sensitive nature of these issues within the Nigerian polity. He also stated that the need to save the census data from needless controversies and attention will compel the NPC to avoid questions bordering on religion. “For the avoidance of doubt, the commission wishes to state unequivocally that the 2023 Population and Housing Census will not canvass questions on religion and religious affiliations of respondents.” This comes amid a viral WhatsApp audio claiming that the religious affiliation of a person will be canvassed. The exercise is schedule...
1 comment
Read more

2023: Nigeria Ranks Low, As IMF Names Countries With Highest Debt

The 2023 World Economic Outlook of the International Monetary Fund (IMF), has named the countries with highest debt – Sudan 256 per cent, Japan 255 percent, and Greece 168 percent. According to the October index posted by Statisence X handle, while Nigeria has 39 percent, and China 83 percent, the U. S. has 123 percent and United Kingdom 104 percent. The above data shows that Argentina tops the list of 12 highest IMF debt burden with $44,433,379; followed by Egypt at $12, 521, 322,333; Ukraine $11,588,182,405; and China $9, 674,159, 560. Also on the list are, Pakistan $7,969,383, 344; Russia $7, 850, 147, 849; India $5,606,170, 345; Brazil $3, 995, 905, 562; Mexico $3,946, 241,133; Venezuela $3,534, 993, 686; Indonesia $2, 741, 057, 642; and South Africa $2,471, 131, 618. However, as of March 2023, Argentina led 10 countries with the highest debt burden, hitting $46billion; Egypt $18billion; Ukraine $12.2billion; Ecuador $8.2billion; Pakistan $7.4billion; Colombia $5billion; Angola $4....
Post a Comment
Read more

FG Begins Payment Of Health Workers’ Salary Arrears

The Federal Government has commenced payment of the salary arrears to health workers under the expanded midwives service scheme. The development followed the report that the Federal Government, through the National Primary Health Care Development Agency (NPHCDA) and Sydani Group owed doctors, nurses, midwives, and community health extension workers under the scheme four-month salary arrears. The health workers under the eMSS lamented the untold hardship caused by the non-payment of salaries, coupled with the high cost of living in the country. eMSS was implemented by the Federal Government through the national primary healthcare development agency as part of efforts to improve maternal and child health in the country. The Executive Director and Chief Executive Officer of NPHCDA, Dr. Muyi Aina, confirmed on Thursday that the Federal Government had begun paying the three-month arrears. Aina said, “We are aware that the workers have begun to receive payments of outstanding salaries for Au...
Post a Comment
Read more