Today’s news is marked by the presentation of the 2024 draft budget by President Bola Tinubu during a joint session of the National Assembly in Abuja. This budget, entitled “Budget of Renewed Hope”, aims to address a number of pressing problems.
The debate during the second reading was led by MP Julius Ihonvbere, Majority Leader of the House, who highlighted the importance of addressing security issues, fostering economic growth and creating an enabling environment for ‘education.
During the discussions, Ahmed Jaha (APC-Borno) highlighted the importance of effective oversight by the relevant committees of the House and stressed the need for timely release of funds to ensure full implementation of the budget 2024.
For his part, MP Usman Kumo (APC-Gombe) welcomed the priority given to security in the proposed budget, while Sada Solid (APC-Katsina) stressed the need to address challenges related to the integrated information system on personnel and payroll (IPPIS) to manage workforce costs.
Bello El-rufai (APC-Kaduna) called for the implementation of Steve Oronsanye’s report to reduce excessive bureaucratization in government.
While presenting the budget, President Bola Tinubu highlighted key areas of focus including economic growth, human capital development, poverty reduction and security. The 2024 budget allocates N9.92 trillion for current expenditure, N8.7 trillion for capital expenditure and N8.25 trillion for debt servicing.
President Tinubu also highlighted the commitment to meeting debt obligations, with projected debt service representing 45% of total expected revenue. The budget deficit is projected at N9.18 trillion in 2024, or 3.88% of GDP, lower than the 2023 deficit of N13.78 trillion, which stood at 6.11% of GDP.
This presentation of the 2024 draft budget sparks numerous reactions and discussions within the National Assembly. MPs call for effective implementation of the budget and highlight the importance of security, education and public expenditure management.
It remains to be seen how the budget will be adopted and implemented and what impact it will have on the economy and the well-being of citizens.