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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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FG Blasts South Africa Over Attacks on Nigerians, Summons Diplomat

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The Federal Government of Nigeria has strongly condemned the rising wave of attacks on its citizens in South Africa, summoning the country’s top diplomat in Abuja over what it described as persistent xenophobic violence.

The move follows recent incidents in which Nigerians were reportedly targeted, including the killing of one citizen and injuries sustained by others in separate attacks by unidentified gunmen.

The government said the pattern of violence has become alarming and unacceptable.

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Spokesperson for the Ministry of Foreign Affairs, Kimiebi Imomotimi Ebienfa, confirmed that South Africa’s acting high commissioner has been invited for urgent discussions.

According to him, the meeting will address “documented cases of maltreatment of Nigerian citizens and attacks on their businesses.”

Nigeria’s action comes amid growing continental concern over the safety of foreign nationals in South Africa, where repeated outbreaks of xenophobic violence have been recorded over the years.

Similarly, Ghana recently summoned South Africa’s envoy in Accra following reports of harassment and intimidation of its citizens.

Ghana’s Foreign Minister, Samuel Okudzeto Ablakwa, disclosed that a Ghanaian resident was confronted and asked to leave South Africa in a recent incident, heightening fears among migrants.

South Africa remains one of Africa’s top destinations for migrants due to its relatively advanced economy.

However, high unemployment and economic challenges have often fueled resentment against foreigners, leading to periodic violence.

Reacting to the development, South Africa’s acting police minister, Firoz Cachalia, condemned the attacks, stating that such actions are unlawful and contrary to the country’s constitutional values.

He assured that security agencies have been directed to act decisively against perpetrators, emphasizing that xenophobia, violence, and intimidation will not be tolerated.

The Nigerian government has reiterated its commitment to protecting its citizens abroad, warning that it will continue to engage diplomatically until the safety and rights of Nigerians in South Africa are fully guaranteed.

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Minimum Wage Can’t Sustain Life Anymore — Peter Obi

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Peter Obi Condemns Incessant Killing Plaguing The Country, Calls For Action

Former presidential candidate, Peter Obi, has said that Nigeria’s current minimum wage can no longer sustain a decent standard of living, as worsening economic realities continue to weigh heavily on citizens.

Obi made this known in a statement released on Friday to commemorate International Workers’ Day, where he highlighted the growing hardship faced by Nigerian workers amid rising inflation and the increasing cost of living.

SEE ALSO: Political Earthquake Brewing? Peter Obi, Bala Mohammed in Closed-Door Talks

According to him, the value of wages has been significantly eroded by soaring food prices, transportation costs, and general economic instability, leaving many workers struggling to survive despite being employed.

He stressed that it is unfair that citizens who contribute daily to the nation’s development are unable to meet their basic needs, noting that the dignity of labour is gradually being undermined.

“The minimum wage today cannot guarantee even the most modest standard of living,” Obi said, warning that the situation could further worsen if urgent steps are not taken.

The former Anambra State governor called for immediate wage adjustments and comprehensive economic reforms aimed at improving the welfare of workers and stabilising the economy.

Obi also emphasised the importance of investing in human capital, stating that no country can achieve meaningful growth without a productive and well-supported workforce.

He urged Nigerian workers to actively participate in the democratic process by supporting credible and competent leadership that prioritises the well-being of citizens.

Obi concluded by calling for a fairer society built on justice, equity, and respect for labour, adding that empowering workers remains key to national prosperity.

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Dangote Cement Powers Global Sustainability Innovation at A4S 2026

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In a compelling demonstration of how business can drive positive environmental change, leading cement manufacturer, Dangote Cement Plc (DCP) has reaffirmed its leadership in sustainable development with its mentorship offer as a Corporate Supporter of the 2026 Accounting for Sustainability International Case Competition (A4SICC), held in Toronto, Canada.

A4SICC, a global platform that empowers students to develop practical solutions for sustainable business growth and the competition brings together top student teams from around the world to tackle real-world sustainability challenges, with winners receiving prizes of up to CA$10,000 and internship opportunities.

As part of the 2026 edition, student teams were required to select companies listed on the World Benchmarking Alliance’s SDG2000 and develop a compelling business case for nature, recognising that while businesses depend on natural capital to create value, they have also contributed significantly to nature and biodiversity loss. Dangote Cement, itself an SDG2000-listed company, participated actively by mentoring REMI Solutions, a student team from Ashesi University, Ghana.

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The DCP sponsored team—comprising Jamiu Olamide Afolayan, Afi Adwoa Asare, Grace Mawuli Uchechi Onwuaha, Edem Korbla Anagbah and Bartels Ataanga Atindana—benefited from expert guidance provided by DCP’s Group Head of Sustainability, Dr. Igazeuma Okoroba.

Under this mentorship, REMI Solutions advanced to the semi-finals of the competition, emerging among the top teams from 132 entries submitted across 31 countries with its project addressing one of Africa’s most pressing sustainability challenges: the environmental, financial and safety risks associated with legacy mine waste, commonly known as tailings.

With global attention increasingly focused on responsible mining and the demand for critical raw materials, the team proposed an innovative circular model that transforms historical mine tailings from environmental liabilities into assets for value creation and ecological restoration.

Tailings storage facilities are costly to monitor and manage, and failures have, in extreme cases, resulted in severe environmental degradation, destroyed livelihoods and loss of lives—costing major mining companies over US$30 billion in damages and reparations worldwide.

To mitigate these risks, REMI Solutions proposed the reprocessing of historical tailings to recover residual minerals, alongside the rehabilitation of degraded heritage land using revenues generated from the reprocessing activities. Beyond mineral recovery, the model creatively repurposes tailings into value‑added products such as eco‑bricks and construction aggregates.

By integrating responsible resource recovery, environmental rehabilitation and commercial viability, the Solution demonstrates how ESG‑aligned investments can simultaneously deliver environmental protection and financial returns.

Reacting to the feat achieved by the REMI Solution Students team, Group Managing Director, Arvind Pathak described the collaboration as underscoring Dangote Cement Plc’s commitment to advancing sustainable development through strategic investments in education, research and youth-led innovation, while supporting global efforts to align business practices with nature‑positive outcomes.

Said he; “At Dangote Cement, our decision to support the Accounting for Sustainability International Case Competition is anchored in our belief that the future of sustainable business lies in the hands of informed, innovative and values‑driven young leaders. As a company whose operations are closely linked to natural capital, we recognise the responsibility to contribute meaningfully to global conversations around sustainability, climate resilience and nature‑positive growth.

“By supporting this platform, we are not only helping students translate academic knowledge into practical solutions, but also reinforcing the importance of embedding environmental, social and governance principles into core business decision‑making.

“This corporate support also reflects our long‑term commitment to education, research and collaborative partnerships as tools for sustainable development. The ideas generated through this competition—such as innovative approaches to responsible mining and circular use of resources—mirror the kind of thinking required to address today’s complex environmental and social challenges.”

Pathak pointed out that his Company is excited to play a mentoring role that bridges industry experience with youthful innovation, saying “we remain committed to nurturing solutions that create shared value for businesses, communities and the environment.”

Photo Caption:
Members of the DCP mentored REMI Solution team from Ashesi University, Ghana; (l-r) Jamiu Olamide Afolayan; Afi Adwoa Asare; Grace Mawuli Uchechi Onwuaha and Edem Korbla Anagbah

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