Yaks Media Team, No: 05 Tony Limba/Gbazango, Kubwa-Bwari FCT/Abuja (2024)

24/04/2024

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16/01/2024

💥 UPDATE

STATE HOUSE PRESS RELEASE

EDUCATION AND HEALTHCARE WILL RECEIVE MORE ATTENTION, PRESIDENT TINUBU ASSURES NIGERIANS

President Bola Tinubu says his administration will give more attention to education and healthcare, as well as provide the enablements for industrialization and investments in consonance with his vision of creating an economically stable and prosperous country.

Speaking at the second-term inauguration of Governor Hope Uzodinma of Imo State, in Owerri, on Monday, President Tinubu said he is well-attuned to the concerns of citizens, assuring them that the challenges brought on by very essential reforms are being addressed.

"In the past 40 years, a few people were cornering our common wealth, and calling it subsidy, but I call it wasteful. Right now, we are all bearing and sharing that pain. But things are looking up. Things will get better for the good of all Nigerians. With me, there is hope.

"I assure you that there will be substantial development in education for your children; priority on industrialization; healthcare will receive more allocation and attention. We will train more health workers," the President said.

President Tinubu commended Governor Uzodinma for his stewardship in Imo State, describing him as the "real hope" of the state.

"It is a great honour for me to be here in Imo State. And to congratulate the people of Imo for being discerning and determined to vote into a second term, a very unique individual who resonates with a progressive agenda, Senator Hope Uzodinma," he said.

The President said he is committed to building a united and secure country, noting the peace and security in the state, adding: "Before now, people were afraid of coming to Imo state, but today Imo is safe and open for business. What we have learned from this experience is the importance of unity, cooperation, and a focus on our internal security."

President Tinubu implored the governor to work even harder for the people, emphasizing that hard work is the reward for a re-election.

"I assure you that your hopes are renewed. Be assured of the support of the federal government to ensure rapid development of your state," he concluded.

Speaking after the administration of oaths of office by the Imo State Chief Judge, Justice Theresa Chukwuemeka-Chikeka, Governor Uzodinma pledged that his second tenure would be an uncommon tenure in the ex*****on of policies.

"We have been able to lay a solid foundation for accelerated economic growth and development of our state. We also addressed the decay we met in the civil service, the decay we met in the education sector, and the health sector. In addition, we addressed the lingering problem of unemployment through the variety of youth empowerment initiatives.

"We carried out a digital version of dealing with the unemployment market, which included the provision of digital and other portable skills, including artificial intelligence to our teeming young men and women," he said.

Unfolding his priorities, the governor said the next four years of his administration would focus on deepening the shared prosperity mantra through massive infrastructural expansion, adding that the vision of his government is anchored on a 10-year development plan which has the capacity to make the state self-sufficient.

Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
January 15, 2024

*©️YAKS MEDIA TEAM FOR TINUBU*

16/01/2024

STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU ESTABLISHES SPECIAL PRESIDENTIAL PANEL ON SOCIAL INVESTMENT PROGRAMMES

Sequel to President Bola Tinubu's six-week suspension of the four (4) programmes under the National Social Investment Programmes Agency (NSIPA), President Tinubu has approved the establishment of a Special Presidential Panel, which will be led by the Coordinating Minister of the Economy and Honourable Minister of Finance, Mr. Wale Edun.

This Special Presidential Panel is tasked with immediately undertaking a comprehensive review and audit of existing financial frameworks and policy guidelines of the social investment programmes with a view to implementing a total re-engineering of the financial architecture of the programmes with detailed modification to procedures guiding the programmes' implementation moving forward.

The Special Presidential Panel, which is comprised of ministers representing strategic sectors and will ensure a multi-disciplinary approach to the reform effort, is made up of the following members:

(1) Coordinating Minister of the Economy and Minister of Finance - Chairman

(2) Coordinating Minister of Health and Social Welfare - Member

(3) Honourable Minister of Budget and Economic Planning - Member

(4) Honourable Minister of Information and National Orientation - Member

(5) Honourable Minister of Communicatons, Innovation and Digital Economy - Member

(6) Honourable Minister of State for Youth - Member

President Tinubu anticipates that this Special Presidential Panel will validate the confidence reposed in it by winning back all lost public confidence in these vital programmes over the years by ushering in a new era of operation based on open and accountable governance frameworks that will prove impervious to abuse and incompetence for the exclusive benefit of disadvantaged households across our nation.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

January 13, 2024

*YAKS MEDIA TEAM FOR TINUBU*

01/01/2024

*TEXT OF PRESIDENT BOLA AHMED TINUBU'S NEW YEAR, 2024 ADDRESS TO THE NATION*

Dear Compatriots,

It gives me immense joy to welcome each and everyone of you - young and old- to this brand new year 2024. We must lift up our hands to Almighty God, in gratitude, for his grace and benevolence to our country and our lives in the year 2023 that has just gone by.

Though the past year was a very challenging one, it was eventful in so many ways. For our country, it was a transition year that saw a peaceful, orderly and successful transfer of power from one administration to another, marking yet another remarkable step in our 24 years of unbroken democracy.

It was a year, you the gracious people of this blessed nation, entrusted your faith in me with a clear mandate to make our country better, to revamp our economy, restore security within our borders, revitalise our floundering industrial sector, boost agricultural production, increase national productivity and set our country on an irreversible path towards national greatness that we and future generations will forever be proud of.

The task of building a better nation and making sure we have a Nigeria society that cares for all her citizens is the reason I ran to become your President. It was the core of my Renewed Hope campaign message on the basis of which you voted me as President.

Everything I have done in office, every decision I have taken and every trip I have undertaken outside the shores of our land, since I assumed office on 29 May 2023, have been done in the best interest of our country.

Over the past seven months of our administration, I have taken some difficult and yet necessary decisions to save our country from fiscal catastrophe. One of those decisions was the removal of fuel subsidy which had become an unsustainable financial burden on our country for more than four decades. Another was the removal of the chokehold of few people on our foreign exchange system that benefited only the rich and the most powerful among us. Without doubt, these two decisions brought some discomfort to individuals, families and businesses.

I am well aware that for some time now the conversations and debates have centred on the rising cost of living, high inflation which is now above 28% and the unacceptable high under-employment rate.

From the boardrooms at Broad Street in Lagos to the main-streets of Kano and Nembe Creeks in Bayelsa, I hear the groans of Nigerians who work hard every day to provide for themselves and their families.

I am not oblivious to the expressed and sometimes unexpressed frustrations of my fellow citizens. I know for a fact that some of our compatriots are even asking if this is how our administration wants to renew their h ope.

Dear Compatriots, take this from me: the time may be rough and tough, however, our spirit must remain unbowed because tough times never last. We are made for this period, never to flinch, never to falter. The socio-economic challenges of today should energize and rekindle our love and faith in the promise of Nigeria. Our current circumstances should make us resolve to work better for the good of our beloved nation. Our situation should make us resolve that this new year 2024, each and everyone of us will commit to be better citizens.

Silently, we have worked to free captives from abductors. While we can’t beat our chest yet that we had solved all the security problems, we are working hard to ensure that we all have peace of mind in our homes, places of work and on the roads.

Having laid the groundwork of our economic recovery plans within the last seven months of 2023, we are now poised to accelerate the pace of our service delivery across sectors.

Just this past December during COP28 in Dubai, the German Chancellor, Olaf Scholz, and I agreed and committed to a new deal to speed up the delivery of the Siemens Energy power project that will ultimately deliver reliable supply of electricity to our homes and businesses under the Presidential Power Initiative which began in 2018.

Other power installation projects to strengthen the reliability of our transmission lines and optimise the integrity of our National grid are ongoing across the country.

My administration recognises that no meaningful economic transformation can happen without steady electricity supply. In 2024, we are moving a step further in our quest to restart local refining of petroleum products with Port Harcourt Refinery, and the Dangote Refinery which shall fully come on stream.

To ensure constant food supply, security and affordability, we will step up our plan to cultivate 500,000 hectares of farmlands across the country to grow maize, rice, wheat, millet and other staple crops. We launched the dry season farming with 120,000 hectares of land in Jigawa State last November under our National Wheat Development Programme.

In this new year, we will race against time to ensure all the fiscal and tax policies reforms we need to put in place are codified and simplified to ensure the business environment does not destroy value. On every foreign trip I have embarked on, my message to investors and other business people has been the same. Nigeria is ready and open for business.

I will fight every obstacle that impedes business competitiveness in Nigeria and I will not hesitate to remove any clog hindering our path to making Nigeria a destination of choice for local and foreign investments.

In my 2024 Budget presentation to the National Assembly, I listed my administration's 8 priority areas to include national defence and internal security, job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction and social security. Because we take our development agenda very seriously, our 2024 budget reflects the premium we placed on achieving our governance objectives.

*We will work diligently to make sure every Nigerian feels the impact of their government. The economic aspirations and the material well-being of the poor, the most vulnerable and the working people shall not be neglected. It is in this spirit that we are going to implement a new national living wage for our industrious workers this new year. It is not only good economics to do this, it is also a morally and politically correct thing to do.*

I took an oath to serve this country and give my best at all times. Like I said in the past, no excuse for poor performance from any of my appointees will be good enough.

It is the reason I put in place a Policy Coordination, Evaluation, Monitoring and Delivery Unit in the Presidency to make sure that governance output improves the living condition of our people.

We have set the parameters for evaluation. Within the first quarter of this new year, Ministers and Heads of Agencies with a future in this administration that I lead will continue to show themselves.

Fellow Nigerians, my major ambition in government as a Senator in the aborted Third Republic, as Governor of Lagos State for eight years and now as the President of this blessed country is to build a fair and equitable society and close the widening inequality. While I believe the rich should enjoy their legitimately-earned wealth, our minimum bargain must be that, any Nigerian that works hard and diligent enough will have a chance to get ahead in life. I must add that because God didn't create us with equal talents and strengths, I can not guarantee that we will have equal outcomes when we work hard. But my government, in this new year 2024 and beyond, will work to give every Nigerian equal opportunity to strive and to thrive.

For the new year to yield all its good benefits to us as individuals and collectively as a people we must be prepared to play our part. The job of building a prosperous nation is not the job of the President, Governors, Ministers, Lawmakers and government officials alone. Our destinies are connected as members of this household of Nigeria. Our language, creed, ethnicity and religious beliefs even when they are not same should never make us work at cross purposes.

In this new year, let us resolve that as joint-heirs to the Nigerian Commonwealth, we will work for the peace, progress and stability of our country. I extend this call to my political opponents in the last election. Election is over. It’s time for all of us to work together for the sake of our country.

We must let the light each of us carries - men and women, young and old- shine bright and brighter to illuminate our path to a glorious dawn.

I wish all of us a happy and prosperous year 2024.

May God continue to bless the Federal Republic of Nigeria.

*Bola Ahmed Tinubu, GCFR*
1 January 2024

13/12/2023

BIRTHDAY TRIBUTE TO A PHILANTHROPY

Some of us during his University days call him "De Presidor" little do we know he actually have a golden heart to served People. He is among the top two Students of his Class. Though he couldn't make it to be the Student President of his Department, on none to him God has a special assignment for him on earth.

Alhamdulillah, God has lifted him to wipe tears and put smiles in many faces. He is indeed generous in that divine assignment. His generosity and calmness date back to his University life. A down to earth gentleman as if a true definition of generosity, simplicity and Calm emanated in his character and attitude.

As it was widely said, honor is given to he who deserves it. Now that it's yet another birthday for him. Currently in his 40s who is still waxing stronger in good health. We join million of his well wishers to celebrate with him as well Pray for his continue strength, long lives and Allah's Protection and guides especially in this onerous task that destiny bestow on him.

Indeed, Allah has been extraordinarily good to him and his family therefore we enjoy him to continue to be grateful in worshiping and praises of Almighty Allah always.

Unbehalf of the team we wish you a happiest Happy birthday to you Sir. LlnP indeed.

03/12/2023

Leader of the downtrodden, a gentleman to the Core and Intelligent Personality.

A Man of high Pedigree in a simple Regalia of Comradeship. God bless you Sir and May Almighty Allah be with you Sir.

30/11/2023

2024 BUDGET SPEECH:

Budget of Renewed Hope

Delivered By:

His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR

President, Federal Republic of Nigeria

At the Joint Session of the National Assembly, Abuja

Wednesday, November 29, 2023

-- The Vice President, Senator Kashim Ibrahim Shettima, GCON

-- The Senate President, Distinguished Senator Godswill Akpabio, GCON

-- The Right Honourable Speaker, Tajudeen Abbas

-- APC National Chairman, His Excellency, Abdullahi Umar Ganduje

-- Executive Governors here present

-- Distinguished Leaders and Members of the National Assembly

-- Secretary to the Government of the Federation

-- Chief of Staff to the President

-- Other Senior Government Officials here present

-- Gentlemen of the Press

-- Ladies and Gentlemen

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.

PREVAILING ECONOMIC ENVIRONMENT

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 relative 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.

PERFORMANCE OF THE 2023 BUDGET

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

THEME AND PRIORITIES OF THE 2024 BUDGET

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, 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. 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.

23. As we approach COP 28 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.

24. 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.

25. Together, we will strive for Nigeria to emerge from COP 28 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.

26. Distinguished members of the National Assembly, the revised 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sets out the parameters for the 2024 Budget.

27. After a careful review of developments in the world oil market and domestic conditions, we have adopted a conservative oil price benchmark of 77.96 US Dollars per barrel and daily oil production estimate of 1.78 million barrels per day. We have also adopted a Naira to US Dollar exchange rate of 750 naira per US Dollar for 2024.

28. Accordingly, an aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira.

29. Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.

30. Budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023 which represents 6.11 percent of GDP.

31. The deficit will be financed by new borrowings totalling 7.83 trillion naira, 298.49 billion nairafrom Privatization Proceeds and 1.05 trillion naira drawdown on multilateral and bilateral loans secured for specific development projects.

32. Our government remains committed to broad-based and shared economic prosperity. We are reviewing social investment programmes to enhance their implementation and effectiveness. In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households. In addition, efforts will made to graduate existing beneficiaries toward productive activities and employment.

33. We are currently reviewing our tax and fiscal policies. Our target is to increase the ratio of revenue to GDP from less than 10 percent currently to 18 percent within the term of this Administration. Government will make efforts to further contain financial leakages through effective implementation of key public financial management reforms.

34. Distinguished Senators and Honourable Members, in view of the limited resources available through the federal budget, we are also exploring Public Private Partnership arrangements to finance critical infrastructure.

35. We, therefore, invite the private sector to partner with us to ensure that our fiscal, trade and monetary policies, as well as our developmental programs and projects succeed in unlocking the latent potential of our people and other natural endowments, in line with our national aspirations.

36. Distinguished Senators and Honourable Members, this Budget presentation would be incomplete without commending the patriotic resolve of the 10th National Assembly to collaborate with the Executive on our mission to renew hope and deliver on our promises to the Nigerian people. I assure you of the strong commitment of the Executive to sustain and deepen the relationship with the National Assembly.

37. As you consider the 2024 Budget estimates, we trust that the legislative review process will be conducted with a view to sustaining our desired return to a predictable January-December fiscal year.

38. I have no doubt that you will be guided by the interest of all Nigerians. We must ensure that only projects and programs with equitable benefits are allowed into the 2024 Budget. Additionally, only projects and programs which are in line with the sectoral mandates of MDAs and which are capable of realizing the vision of our Government should be included in the budget.

39. As a Government, we are committed to improving the lot of our people and delivering on our promises to them. The 2024 Budget has the potential to boost performance, promote the development of Micro, Small and Medium-sized Enterprises, enhance security and public safety, and improve the general living conditions of our people.

40. In closing, I am confident that these budgetary allocations and directives will set Nigeria on a transformative path towards a sustainable and resilient energy future, fostering economic growth, job creation, and environmental preservation.

41. It is with great pleasure, therefore, that I lay before this distinguished Joint Session of the National Assembly, the 2024 Budget Proposals of the Federal Government of Nigeria, titled The Renewed Hope Budget.

42. I thank you most sincerely for your attention. May we collectively chart the course towards a brighter and cleaner future for our great nation.

43. May God bless the Federal Republic of Nigeria2024 BUDGET SPEECH:

Budget of Renewed Hope

Delivered By:

His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR

President, Federal Republic of Nigeria

At the Joint Session of the National Assembly, Abuja

Wednesday, November 29, 2023

-- The Vice President, Senator Kashim Ibrahim Shettima, GCON

-- The Senate President, Distinguished Senator Godswill Akpabio, GCON

-- The Right Honourable Speaker, Tajudeen Abbas

-- APC National Chairman, His Excellency, Abdullahi Umar Ganduje

-- Executive Governors here present

-- Distinguished Leaders and Members of the National Assembly

-- Secretary to the Government of the Federation

-- Chief of Staff to the President

-- Other Senior Government Officials here present

-- Gentlemen of the Press

-- Ladies and Gentlemen

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.

PREVAILING ECONOMIC ENVIRONMENT

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 relative 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.

PERFORMANCE OF THE 2023 BUDGET

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

THEME AND PRIORITIES OF THE 2024 BUDGET

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, 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. 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.

23. As we approach COP 28 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.

24. 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.

25. Together, we will strive for Nigeria to emerge from COP 28 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.

26. Distinguished members of the National Assembly, the revised 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sets out the parameters for the 2024 Budget.

27. After a careful review of developments in the world oil market and domestic conditions, we have adopted a conservative oil price benchmark of 77.96 US Dollars per barrel and daily oil production estimate of 1.78 million barrels per day. We have also adopted a Naira to US Dollar exchange rate of 750 naira per US Dollar for 2024.

28. Accordingly, an aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira.

29. Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.

30. Budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023 which represents 6.11 percent of GDP.

31. The deficit will be financed by new borrowings totalling 7.83 trillion naira, 298.49 billion nairafrom Privatization Proceeds and 1.05 trillion naira drawdown on multilateral and bilateral loans secured for specific development projects.

32. Our government remains committed to broad-based and shared economic prosperity. We are reviewing social investment programmes to enhance their implementation and effectiveness. In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households. In addition, efforts will made to graduate existing beneficiaries toward productive activities and employment.

33. We are currently reviewing our tax and fiscal policies. Our target is to increase the ratio of revenue to GDP from less than 10 percent currently to 18 percent within the term of this Administration. Government will make efforts to further contain financial leakages through effective implementation of key public financial management reforms.

34. Distinguished Senators and Honourable Members, in view of the limited resources available through the federal budget, we are also exploring Public Private Partnership arrangements to finance critical infrastructure.

35. We, therefore, invite the private sector to partner with us to ensure that our fiscal, trade and monetary policies, as well as our developmental programs and projects succeed in unlocking the latent potential of our people and other natural endowments, in line with our national aspirations.

36. Distinguished Senators and Honourable Members, this Budget presentation would be incomplete without commending the patriotic resolve of the 10th National Assembly to collaborate with the Executive on our mission to renew hope and deliver on our promises to the Nigerian people. I assure you of the strong commitment of the Executive to sustain and deepen the relationship with the National Assembly.

37. As you consider the 2024 Budget estimates, we trust that the legislative review process will be conducted with a view to sustaining our desired return to a predictable January-December fiscal year.

38. I have no doubt that you will be guided by the interest of all Nigerians. We must ensure that only projects and programs with equitable benefits are allowed into the 2024 Budget. Additionally, only projects and programs which are in line with the sectoral mandates of MDAs and which are capable of realizing the vision of our Government should be included in the budget.

39. As a Government, we are committed to improving the lot of our people and delivering on our promises to them. The 2024 Budget has the potential to boost performance, promote the development of Micro, Small and Medium-sized Enterprises, enhance security and public safety, and improve the general living conditions of our people.

40. In closing, I am confident that these budgetary allocations and directives will set Nigeria on a transformative path towards a sustainable and resilient energy future, fostering economic growth, job creation, and environmental preservation.

41. It is with great pleasure, therefore, that I lay before this distinguished Joint Session of the National Assembly, the 2024 Budget Proposals of the Federal Government of Nigeria, titled The Renewed Hope Budget.

42. I thank you most sincerely for your attention. May we collectively chart the course towards a brighter and cleaner future for our great nation.

43. May God bless the Federal Republic of Nigeria

Yaks Media Team

24/04/2024

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