10 key points from President Tinubu's 2024 budget presentation
Here is a crunch down on all the key notes of the president's 2024 Appropriation Bill presentation.
Here is a crunch down on all the key notes of his presentation.
1. Themed "Budget of Renewed Hope": The proposed budget is centered around renewing hope and focuses on key areas such as national security, job creation, economic stability, human capital development, poverty reduction, and social security.
2. Overhaul of internal security architecture: President Tinubu highlighted plans to revamp the nation's internal security architecture, aiming to enhance law enforcement capabilities for the protection of lives, property, and investments nationwide.
3. Priority on human capital development: The budget places significant emphasis on human capital development, particularly focusing on children, recognising them as the most critical resource for national development.
4. Enhancing budget performance: To improve budget performance, the government aims to ensure value for money, greater transparency, and accountability by collaborating more closely with development partners and the private sector.
5. Sustainable funding model for tertiary education: Addressing issues in the education sector, the President announced the implementation of a more sustainable funding model for tertiary education, including the commencement of the Student Loan Scheme by January 2024.
6. Stable macroeconomic environment: President Tinubu stressed the importance of a stable macroeconomic environment to catalyse private investment and accelerate economic growth. The government will continue implementing business and investment-friendly measures for sustainable growth.
7. Economic growth forecast: The administration anticipates a minimum economic growth of 3.76%, surpassing the forecasted world average. Inflation is expected to moderate to 21.4% in 2024.
8. Commitment to a greener future: The budget and medium-term expenditure framework underscore Nigeria's commitment to a greener future. Provisions have been made for public-private partnerships, leveraging private capital for major infrastructure projects in energy, transportation, and other sectors.
9. Focus on renewable energy: The government aims to diversify the energy mix by allocating resources to support innovative and environmentally conscious initiatives. This move positions Nigeria as a regional leader in the global shift towards clean and sustainable energy.
10. Preparation for COP28 Climate Summit: President Tinubu directed relevant government agencies to work diligently towards securing substantial funding commitments for Nigeria's energy transition in preparation for the COP28 climate summit. The goal is to attract international partnerships and investments aligned with national goals for sustainable energy projects.
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