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“People shouldn’t be afraid of their government; governments should be afraid of their people.” —Alan Moore
By Cosmas Omegoh
It was President Bola Ahmed Tinubu’s latest day in the sun last Wednesday when he presented the 2024 Appropriation Bill.
The president exuded all the confidence he could muster to show that he had a firm grip on the day’s proceedings. His voice kept resonating inside the hallowed chambers of the National Assembly while he performed what he called his “sacred duty.”
It was President Tinubu’s first of such annual ritual since his Presidency coursed into reality on May 29, this year.
He captured the moment succinctly, describing it as “especially profound and significant.”
Tagged “Budget of Renewed Hope,” Tinubu announced to the citizenry that Nigeria under his watch would spend N27.5 trillion in the coming 2024 fiscal year.
Tinubu was confident that the budget estimate would “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 his administration, adding that “the budget … constitutes the foundation upon which we shall erect the future of this great nation.”
What Tinubu read out on the night has an “aggregate expenditure of N27.5 trillion… which the non-debt recurrent expenditure is N9.92 trillion while debt service is projected to be N8.25 trillion and capital expenditure is N8.7 trillion. Projected debt service is 45 per cent of the expected total revenue.”
Tinubu also revealed that “the budget deficit is projected at N9.18 trillion in 2024 or 3.88 per cent of GDP, stating that “this is lower than the N13.78 trillion deficit recorded in 2023, which represented 6.11 per cent of GDP.”
He envisaged that “the deficit will be financed by new borrowings totalling N7.83 trillion, N298.49 billion from privatisation proceeds, and N1.05 trillion draw down on multilateral and bilateral loans secured for specific development projects.”
He foresaw that “the economy to grow by a minimum of 3.76 per cent, above the forecasted world average,” while further projecting that “inflation is expected to moderate to 21.4 per cent in 2024.”
He then dropped assurances that “our primary objective has been to sustain our robust foundation for sustainable economic development,” noting that “a critical focus of this budget and the medium-term expenditure framework is Nigeria’s commitment to a greener future.”
Going down the road, Tinubu promised that “the government will focus on ensuring value for money, greater transparency and accountability.”
His outing on the night was the real auspicious moment a beleaguered nation was waiting for.
In Nigeria where everything rises and falls on the budget prepared by the government at the centre, it is easier to understand while everyone had their eyes on the ball, watching with bated breath.
The previous government had done the country a world of good finding the disciple to present an annual budget before the end of the year. That ensures that the country has a seamless end-of-year cycle, thus handing everyone a breather or so it seems.
When, therefore, President Tinubu stormed the National Assembly last week for his budget presentation, those who know knew it was going to follow the tradition.
When, therefore, Tinubu mounted the podium to present his offering, he did not disappoint. He injected some panache and high drama which followers of budget presentation missed in long years of the Muhammadu Buhari lusterless presence on the saddle.
Tinubu’s outing started with his triumphant entry into the National Assembly. Then, when it turned out that the majority of the lawmakers were singing his “On your mandate we shall stand” sing song, some signals went out to the watching world that it might all end up a jamboree of some sort.
As the president went on his assignment, he drew applause at every turn, and ended with his deserved ovation. Same ovation continued outside the legislative chambers even days after it ought to have ended.
Indeed, Mr President’s 2004 budget was one exercise clearly high on both octave and optics. It didn’t look lacking in thing excellent and exciting.
Much of what the president said seemed to rekindle hope in his “Renewed Hope,” mantra. Those who believe him are upbeat that he is on course to pulling Nigeria from the mire. That it in a matter of time, Nigeria will be out of doldrums.
But those who read between the lines are not amused. They contend that they had heard budget presentation in the past laced with good-sounding phraseology. The nemesis of what Tinubu handed out, they contend, lies in its implementation. Where is the disciplne; where is the government’s integrity to see the budget to its successful end? Where is the money to finance the budget as well? They keep throwing loads of questions at Team Tinubu which it might not be able to answer satisfactorily until the administration winds down.
Now, the perception of the budget by the ordinary man in the street – the percentage of which unarguably forms a sizable majority – is totally different.
To him, the meaning of the huge figures President Tinubu bandied in the National Assembly, and his understanding of what they represent are down to the quality of his daily life and living.
Such figures don’t make sense of any sort unless and until they impact his food, healthcare, transportation, education of his children and wards, and overall welfare.
Those of them who are honest to themselves – friends and foes of this alike – will attest to the telling reality that the quality of life over the past months President Tinubu showed up has fallen precipitously.
The budget Mr President presented will, therefore, be a welcome development to the extent it halts the free fall of the people’s wellbeing.
Now, here is another fear. The “projected debt service … 45 per cent of the expected total revenue,” is a big downer – call it a depressant – a clear indication that what will be left is very little for the government to make the littlest of accomplishments.
Already, the revelations Tinubu made about borrowings brings to the fore fresh realities that Nigeria and Nigerians are in for terrible times. A rough ride, indeed, awaits everyone. It is the same style, the same promise of El-dorado promised by the last administration which went unfulfilled, plunging the country and its economy into debt and depression.
Now, it is pertinent to repeat the same question being asked by some stakeholders – where is the discipline to stay steady to the soul and spirit of the Tinubu budget? Where is the staying power to work this budget and reap the profit in tow?
Indeed, those asking those questions are neither misguilded nor misdirected. For the vibes alone that emanated from the recent supplementary budget request by Mr. President and the items they contained were enough alarm. When humongous sums were seen allocated to Mr President’s yatch, purchase of a fleet of cars for his wife, repair of the president and vice president’s official houses, many could not believe all that was happening in a depressed Nigerian economy everyone is into.
Now, with official corruption firmly in place, as many that are concerned about this anomaly are wondering how far the present administration will go with this beautiful budget.
This it bears like a cross to convince every Nigerian to believe the contrary. Everyone is watching and waiting to see this happen.
