Fact Sheet: President Tinubu’s 2024 Budget Presentation

Date:

1. **First Full-Year Budget:** President Tinubu presented the 2024 budget to the National Assembly, marking his first full-year budget since assuming office in May.

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2. **Budget Speech Highlights:**
– Themed “Budget of Renewed Hope.”
– Emphasis on economic growth, macro-economic stability, human capital development, poverty reduction, and social security.
– Prioritization of defense and internal security.
– Focus on value for money, transparency, and accountability.
– Implementation of a sustainable model for funding tertiary education, including the Student Loan Scheme.
– Commitment to a greener future with a focus on clean and sustainable energy.

3. **Economic Environment:**
– Global growth expected to be around 3.0 percent in 2024.
– Nigerian economy resilient with modest positive growth despite global challenges.
– Inflation addressed through coordinated fiscal and monetary policies.

4. **Performance of 2023 Budget:**
– Projected revenue of 45 trillion naira.
– Actual revenue inflow of 65 trillion naira as of September 30.
– Continued meeting of obligations despite challenges.

5. **2024 Budget Overview:**
– Themed “Budget of Renewed Hope.”
– Prioritizes job-rich economic growth, macro-economic stability, and social development.
– Overhaul of internal security architecture.
– Emphasis on human capital development, especially for children.
– Focus on transparency, accountability, and sustainable funding for tertiary education.
– Commitment to a greener future with public-private partnerships in renewable energy.
– Conservative oil price benchmark of $96 per barrel and daily oil production estimate of 1.78 million barrels.
– Aggregate expenditure of 5 trillion naira in 2024.

6. **Deficit and Financing:**
– Budget deficit projected at 18 trillion naira in 2024 (3.88 percent of GDP).
– Financing through new borrowings, privatization proceeds, and multilateral and bilateral loans.
– Commitment to meeting debt obligations with debt service projected at 45% of expected total revenue.

7. **Tax and Fiscal Policies:**
– Reviewing tax and fiscal policies.
– Target to increase revenue to GDP ratio from less than 10 percent to 18 percent.
– Efforts to contain financial leakages through public financial management reforms.

8. **Public-Private Partnerships:**
– Exploring PPP arrangements to finance critical infrastructure.
– Inviting the private sector to partner for the success of fiscal, trade, and monetary policies.

9. **Acknowledgment and Closing:**
– Commendation for the collaborative efforts of the National Assembly.
– Call for a predictable January-December fiscal year.
– Assurance of government commitment to improving the well-being of Nigerians.
– Confidence in the transformative impact of the 2024 Budget on economic growth, job creation, and environmental preservation.

10. **Closing Remarks:**
– Presentation titled “The Renewed Hope Budget.”
– Gratitude for attention and confidence in charting a brighter future for Nigeria.

**Note:** This fact sheet summarizes key points from President Tinubu’s 2024 budget presentation, providing an overview of the themes, priorities, economic context, and financial aspects outlined in the speech.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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