…President lists priority areas during budget presentation to joint session
From Fred Itua, Abuja
If both chambers of the National Assembly are unable to pass the 2024 budget before they embark on their Christmas break in another three weeks, President Bola Ahmed Tinubu-led Federal Government may falter in its January to December budget circle.
Prior to the Administration of President Tinubu, the 9th National Assembly, headed by Ahmad Lawan as President of the Senate, and Femi Gbajabiamila as Speaker of the House of Representatives, the country’s annual budget circle was operated between January to December.
To keep with the trend, annual budgets were submitted by President Muhammadu Buhari two months before the end of the year. Lawmakers on the other hand worked round the clock to pass the budget before embarking on their Christmas breaks.
However, that trend appears to have been jettisoned with the late presentation of the national budget by President Tinubu and a difficult possibility that the Godswill Akpabio-led National Assembly can beat the odds and pass the budget in another three weeks.
Presenting the 2024 budget to a joint session of the National Assembly, President Tinubu, said the country’s national defence and internal security, local job creation, macro-economic stability, investment environment optimisation, human capital development, poverty reduction, and social security will top the list of core priorities in the 2024 ‘Budget of Renewed Hope.’
Tinubu said Nigeria’s internal security architecture will be overhauled to enhance law enforcement capabilities. He said this will be done to safeguard lives, property, and investments across the country.
The President said the proposed budget identifies human capital development, especially children. He said human capital remains the most critical resource for national development.
He said: “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.
“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.”
President Tinubu said a stable macro-economic environment is crucial in his administration’s bid to encourage private investment and accelerate economic growth.
He said his government will continue to implement business and investment friendly measures for sustainable growth.
Tinubu noted: “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.
“Emphasising 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 the COP28 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.