President Bola Ahmed Tinubu has presented the 2024 budget estimate of twenty-seven point five trillion Naira which focuses strongly on defence, internal security, and local job creation.
The budget presented on Wednesday will also tackle macro-economic stability, investment in environment optimization, human capital development, poverty reduction, and social security under the Federal Government’s Renewed Hope agenda.
President Tinubu in Abuja also said the nation’s internal security architecture will be examined to improve law enforcement capabilities in order to safeguard lives, property, and investments across the country.
Speaking on the economy, President Tinubu added that a stable macro-economic environment is crucial in catalyzing private investment and accelerating economic growth, and so his government will continue to implement business and investment-friendly practices for sustainable growth.
“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.
“Emphasizing 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.
“Together, we will strive for Nigeria to emerge from COP28 with tangible commitments, reinforcing our dedication to a future where energy is not only a catalyst for development but also a driver of environmental stewardship,” he said.
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