Nigerian President Bola Ahmed Tinubu presented the first budget since coming to power on Wednesday November 29, focusing on security and economic growth amid high inflation.
In a speech to Parliament in Abuja, the capital, the Head of state explained that attracting investment and solving Nigeria’s cost of living crisis were at the heart of his 27.5 trillion budget proposal of naira (31.72 billion euros) for 2024.
“The proposed budget aims to achieve job-rich economic growth, macroeconomic stability, a better investment environment, increased human capital development, as well as poverty reduction and better access to social security”, he declared, according to a press release from the Presidency.
According to him, the Government expects inflation to be reduced from 27% currently to 21.4% in 2024. The President also expects growth of at least 3.76%.
Nigerians are now facing a tripling of fuel prices and rising food costs since Mr. Tinubu ended the fuel subsidy and floated the naira after taking office in February 2023. For Bola Ahmed Tinubu, the negative effects of this decision will be temporary.
Calling again for the population’s patience, he assures that this measure will benefit the country in the long term and attract more foreign investments. The President also discussed the expansion of a program aimed at “providing cash payments to poor and vulnerable households.”
“Our government remains committed to broad and shared economic prosperity”, he stressed. He added that the country would aim to reduce its budget deficit from around 6.1% of GDP this year to just under 3.9% in 2024. Nigeria also faces serious security problems, whether it be the jihadist insurgency or bandit groups carrying out mass kidnappings. “The internal security architecture will be reviewed to strengthen law enforcement and protect lives, property and investments throughout the country,” recalled Mr. Tinubu. Parliament is preparing to vote on the budget before the start of the New Year.