President Tinubu Unveils 2024 Budget Plan and New Year Address

President Bola Ahmed Tinubu has recently presented the National Assembly with the proposed budget for the year 2024, named the Budget of Renewed Hope. This budget signifies a pivotal moment in Nigerian history, as it aims to target essential areas such as security, job creation, poverty reduction, human capital development, and infrastructure. With a total expenditure of N27.5 trillion, the proposed budget is intended to address urgent issues and stimulate development.

The proposed budget is established on a conservative oil price benchmark of $77.96 per barrel and a daily oil production estimate of 1.78 million barrels per day. Additionally, an exchange rate of N750 per U.S. Dollar has been adopted for the year 2024.

The breakdown of the proposed budget comprises N9.92 trillion for non-debt recurrent expenditure, N8.25 trillion for debt service, and N8.7 trillion for capital expenditure, with a projected deficit of N9.18 trillion (3.88% of GDP). Key allocations are focused on defence and internal security, human capital development, infrastructure, and economic diversification.

Although the proposed budget has garnered praise from many, there are critics who have deemed it unrealistic and unattainable. Notwithstanding, distinguished economists have lent their support to the budget and proposed measures to ensure its successful implementation for the benefit of Nigerians.

The emphasis on job creation in the budget is of utmost importance, as addressing unemployment can help combat poverty and insecurity. Furthermore, the decrease in the projected deficit indicates progress towards fiscal consolidation and reduced dependence on borrowing.

Nevertheless, there are areas of concern, such as the absence of a breakdown of the budgets for key government entities and high debt service. Transparency and accountability in budget execution are imperative for the budget’s effectiveness, and steps should be taken to address corruption in the implementation process.

President Tinubu’s dedication to inclusive and shared economic prosperity is evident in the ongoing review of social investment programmes and the expansion of the National Social Safety Net project. It is also crucial for Nigerians to engage in constructive dialogue with the government and hold it accountable for its commitments.

In conclusion, while the 2024 budget presents a promising outlook, its success will ultimately hinge on its implementation, economic performance, and the capacity to address critical concerns. Transparency and accountability in budget execution are pivotal, and measures should be implemented to combat corruption and ensure the integrity of the budget system. The new budget marks a step in the right direction, and with the right strategies in place, it has the potential to bring about positive transformation for the country.