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Tinubu Unveils 2024 Budget Proposal [Full Speech]

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President Bola Tinubu presented the N27.5 trillion 2024 budget proposal to the 10th National Assembly in Abuja on Wednesday.

This marks his first such presentation since taking office six months ago.

Full speech below:

1. In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly.

2. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper.

“Your prompt action underscores your devotion to economic development and to the greater welfare of our people. It also highlights your desire to work in close collaboration with the Executive branch. We do not serve ourselves. We must always strive to work together to serve and benefit the people of our beloved country.

3. I am confident that the National Assembly will continue to work closely with us to ensure that deliberations on the 2024 Budget are thorough but also concluded with reasonable dispatch. Our goal is for the Appropriation Act to come into effect on the 1st of January 2024.

4. It is, by now, a matter of recorded history that my very first fiscal intervention as President of this great nation was to end the fuel subsidy regime which had proven to be so harmful to the overall health of our national economy.

“The second was to negotiate and subsequently present a supplementary budget to enable my government to fund the items needed to restore macro-economic stability and mitigate the harsh impact of subsidy removal.

5. The third was to secure a second supplementary budget, this time to enable us to keep our promises to promote national security, invest in infrastructure and provide much-needed support to the most vulnerable households in our society.

6. In swearing in my cabinet and reflecting on the unique challenges facing us, I invited the Ministers to imagine that we are attempting to draw water from a dry well.

“Today, I stand before you to present our Budget of Renewed Hope; a budget which will go further than ever before in cementing macro-economic stability, reducing the deficit, increasing capital spending and allocation to reflect the eight priority areas of this Administration.

“The budget we now present constitutes the foundation upon which we shall erect the future of this great nation.

7. Economic conditions remain challenging both abroad and at home. Despite lingering post-COVID supply and production bottlenecks, armed conflict in various parts of the world and restrictive monetary policies in major economies, we expect global growth to hover around 3.0 percent in 2024. This relatively low rate has significant implications for our economy due to our current reliance on importation.

8. Distinguished Senators, Honourable Members: despite the global headwinds, the Nigerian economy has proven resilient, maintaining modest but positive growth over the past twelve months.

9. Inflation has trended upward due to weak global conditions. To contain the rising domestic prices, we will ensure effective coordination of fiscal and monetary policy measures, and collaborate with sub-national governments to address structural factors driving inflation in Nigeria.

10. The Budget proposal meets our goal of completing critical infrastructure projects which will help address structural problems in the economy by lowering the costs of doing business for companies and the cost of living for the average person, The Honourable Minister of Budget and Economic Planning will provide full details of this proposal.

11. Distinguished Senators and Honourable Members, an aggregate revenue of 11.045 trillion naira was projected to fund the 2023 Budget of 24.82 trillion naira with a deficit of about 6.1 percent of GDP.

12. As of September 30, the Federal Government’s actual aggregate revenue inflow was 8.65 trillion naira, approximately 96 percent of the targeted 8.28 trillion naira.

13. Despite the challenges, we continue to meet our obligations.

14. Distinguished Senators, Honourable Members, permit me to highlight key issues relating to the budget proposals for the next fiscal year. The 2024 Appropriation has been themed the Budget of Renewed Hope. The proposed Budget seeks to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.

15. Defence and internal security are accorded top priority. The internal security architecture will be overhauled to enhance law enforcement capabilities and safeguard lives, property and investments across the country.

16. Human capital is the most critical resource for national development. Accordingly, the budget prioritizes human development with particular attention to children, the foundation of our nation.

17. 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.

18. 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.

19. A stable macro-economic environment is important to catalyse private investment and accelerate economic growth. We have and shall continue to implement business and investment-friendly measures for sustainable growth.

20. 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.

21. 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.

22. 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.”

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Kuje Chairman Breaks Silence Over Viral ‘Leave If You’re Not APC’ Comment

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The Chairman of Kuje Area Council in the Federal Capital Territory (FCT), Danjuma Shekwolo, has clarified his controversial remarks in a viral video where he appeared to tell residents who do not support the All Progressives Congress (APC) to leave the council.

Shekwolo, who came under criticism following the circulation of the video, said his remarks were made in a specific context during a meeting with APC youths and loyalists and were subsequently taken out of context.

ALSO SEE: Abuja One-Chance Scare: How Criminals Turn Taxis Into Death Traps

In the viral footage, the chairman was heard saying: “I have said in my area council, it’s either you are doing APC or leave the area council. I am not arguing with you.”

The statement sparked concerns over political intimidation and residents’ freedom to support political parties of their choice, particularly as political activities intensify ahead of the 2027 general elections.

However, in a clarification issued on Wednesday, Shekwolo said he had no intention of disenfranchising residents or denying anyone their fundamental rights.

According to him, the meeting where the statement was made focused on administrative efficiency, local development and the welfare of communities within Kuje Area Council.

“The remarks in question were made in a specific context aimed at addressing administrative efficiency, local development, and community welfare. You may recall that event that led to the unfortunate incident was a meeting with the APC party youths and loyalties,” he said.

The chairman stressed that political affiliation could not be used as a basis for denying residents their rights.

“And as the Executive Chairman of Kuje Area Council, I have no right to disenfranchise any residents or citizen of their fundamental human rights in the council,” Shekwolo said.

He also denied any intention to create disaffection or undermine any group, saying his administration remained committed to serving all communities in Kuje.

“At no point did I intend to cause disaffection, undermine any group, or promote policies that do not serve the best interest of our citizens,” he said.

Shekwolo further appealed to residents and stakeholders to support the development of Kuje regardless of their political, religious or ethnic differences.

“I urge the people of Kuje Area Council and the general public, regardless of their political affiliation, religious, or ethnic difference, to join hands with the administration to make Kuje the area council of our dreams,” he said.

The chairman also appealed to journalists to verify the context of statements before publishing reports, describing the media and government as “partners in progress.”

The controversy followed widespread criticism of the original remarks, with rights groups and political actors raising concerns over the implications of linking residency in Kuje to political support.

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CNG Can Cut Fuel Cost From N200,000 to N40,000 — FG

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The Federal Government has said Compressed Natural Gas can significantly reduce fuel and transportation costs, citing a traveller whose fuel expenditure reportedly dropped from more than N200,000 to about N40,000 after switching to CNG.

The Director-General of the National Automotive Design and Development Council, Oluwemimo Joseph Osanipin, disclosed this on Wednesday after meeting with President Bola Tinubu at the Presidential Villa in Abuja.

SEE MORE: FG, NADDC Empower NYSC Members in South-East with CNG Conversion Skills

Osanipin said the example demonstrated the potential of CNG to deliver substantial savings as the government expands infrastructure and access to alternative energy across the country.

He said the traveller was able to refill with gas in Kano, demonstrating the expanding availability of CNG beyond major commercial centres.

“So, a lot of people are already benefiting from this policy, and more and more will come now that we are having more people and more firms going into it and investing in it,” he said.

According to Osanipin, the number of companies licensed to retail gas had increased sharply from about four to 81, describing the development as evidence of growing private-sector participation in the Federal Government’s CNG initiative.

However, he acknowledged concerns that some commercial transport operators benefiting from lower CNG costs had yet to pass the savings on to commuters through reduced fares.

“We have a lot that are already doing it; fleet operators are already benefiting from this. So what we are pushing for again, because someone asked me that question, is that I have seen a lot of people benefiting from it, but they refuse to transfer the price to the masses.

“So that is going to be the next stage. But we just want to make sure that all the infrastructure and everything is coming. Then we now see enforcement of some of these policies,” he said.

Osanipin stressed that adequate infrastructure, including filling stations, mobile refuelling units and gas production facilities, remained critical to making the CNG initiative sustainable.

He also disclosed that the Federal Government had taken delivery of the first batch of electric vehicles promised to civil servants, describing it as the beginning of a broader rollout of cleaner-energy vehicles.

 

 

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FG Begins Electric Car Rollout for Civil Servants as First Batch Arrives

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The Federal Government has begun the rollout of electric cars for civil servants with the delivery of the first batch of vehicles promised by President Bola Tinubu.

The Director-General of the National Automotive Design and Development Council, Oluwemimo Joseph Osanipin, disclosed this on Wednesday after meeting with President Tinubu at the Presidential Villa in Abuja.

Osanipin said the arrival of the vehicles marked the beginning of a broader plan to expand electric mobility in Nigeria, reduce transportation costs and promote cleaner energy.

SEE MORE: ‘Painful Loss to Nigeria’ — Tinubu Mourns Eagle Online Publisher Dotun Oladipo

“Today, you must have heard in the news that the first batch of the electric vehicle that the President promised civil servants was delivered today, and they are all electric vehicles. This is the beginning of more and more that will come,” he said.

According to him, the government has also deployed electric-vehicle infrastructure in about 16 universities across the country to support the development of an ecosystem for alternative-energy transportation.

Osanipin said the government’s policies on electric vehicles and Compressed Natural Gas would become increasingly visible as investments in supporting infrastructure continue to grow.

He stressed that infrastructure was critical to the success of the alternative-energy transition, noting that CNG adoption, for instance, requires filling stations, mobile refuelling units and gas production facilities.

“You can’t put a policy in place today and start having the immediate impact,” he said, adding that investments were already being made in the required infrastructure.

The NADDC boss also disclosed that the number of companies licensed to retail gas had increased from about four to 81.

He described the development as evidence of growing private-sector participation in the Federal Government’s CNG initiative and said gas was becoming more available in some states.

Osanipin further highlighted the potential of CNG to reduce transportation expenses, citing the experience of a traveller whose fuel expenditure reportedly fell from more than N200,000 to about N40,000 after switching to CNG.

He said the traveller was able to refuel with gas in Kano, demonstrating the expanding availability of CNG beyond major commercial centres.

However, Osanipin acknowledged concerns that some commercial transport operators benefiting from lower CNG costs had yet to transfer the savings to commuters through reduced fares.

“We have a lot that are already doing it; fleet operators are already benefiting from this. So what we are pushing for again, because someone asked me that question, is that I have seen a lot of people benefiting from it, but they refuse to transfer the price to the masses,” he said.

He explained that the next phase of the government’s intervention would focus on ensuring that the benefits of cheaper alternative energy translate into lower transportation costs for Nigerians.

Osanipin said his meeting with President Tinubu also provided an opportunity to brief him on developments in the automotive sector, ongoing investments and a draft legislation being developed for the industry.

The Federal Government has continued to promote electric mobility and CNG as part of efforts to diversify Nigeria’s transportation energy mix, reduce dependence on petrol and diesel, lower transportation costs and cut emissions.

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