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Breaking: Full Details of President budget presentation at National Assembly. “Let us work together to serve for the benefit of the people of our beloved country” Say Tinubu
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.
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.
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.
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.
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.
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
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.
Distinguished Senators, Honourable Members: despite the global headwinds, the Nigerian economy has proven resilient, maintaining modest but positive growth over the past twelve months.
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.
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
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.
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.
Despite the challenges, we continue to meet our obligations.
THEME AND PRIORITIES OF THE 2024 BUDGET
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.
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.
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.
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.
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.
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.
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.
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.
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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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.
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.
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.
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.
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.
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.
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.
Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.
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.
The deficit will be financed by new borrowings totalling 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds and 1.05 trillion naira drawdown on multilateral and bilateral loans secured for specific development projects.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
I thank you most sincerely for your attention. May we collectively chart the course towards a brighter and cleaner future for our great nation.
May God bless the Federal Republic of Nigeria.
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KOGI STATE STRENGTHENS CHINA PARTNERSHIP FOR AGRO-INDUSTRIAL DEVELOPMENT AND SAPZ IMPLEMENTATION
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Kogi State has taken a significant step in advancing its international partnerships aimed at accelerating the implementation of its Special Agro-Industrial Processing Zone (SAPZ) programme.
The SAPZ initiative is a strategic agro-industrial platform designed to boost food production, enhance processing capacity, create employment opportunities, attract private sector investment, and position Kogi State as a leading agricultural and industrial hub in Nigeria.
Central to the engagement is the development of a modern agricultural science and technology industrial park in Kogi State. The project aligns with the broader SAPZ framework and is expected to drive agro-processing, facilitate agricultural technology transfer, support equipment deployment, promote enterprise incubation, strengthen logistics and cold chain systems, enhance export infrastructure, and provide sustainable power solutions.
The Kogi SAPZ structure comprises the Ajaokuta Agro-Industrial Hub, alongside Agricultural Transformation Centres in Anyigba, Alape, and Osara, as well as the Zariagi Agro-Air Hub. The programme is designed to integrate existing farmer clusters with an additional 150,000 hectares of farmland per zone, creating opportunities for large-scale, tenant-driven agricultural production.
Priority value chains under the SAPZ include rice, maize, cassava, livestock and poultry, sesame, cashew, oil palm, and greenhouse farming. The programme also incorporates critical support systems such as warehousing, cold chain logistics, power solutions, compressed natural gas (CNG), agricultural technology, equipment deployment, and agro-export infrastructure.
As part of this effort, Kogi State entered into a strategic cooperation agreement with Hezheng Holdings Group and Hezheng Digital Technology (Hezheng Innovation Valley) Co., Ltd. The agreement marks a transition from conceptual planning to implementation and reflects the State’s deliberate strategy to attract credible technical partners, industrial park operators, investors, and global business platforms into the SAPZ ecosystem.
The Kogi State delegation was led by Alhaji Yakubu Okala, FCA, Auditor General of Kogi State and Project Investment Adviser, who represented His Excellency, the Executive Governor of Kogi State. Other members of the delegation included the Honourable Commissioner for Agriculture, Hon. Ojomah Timothy; Technical Adviser to the Governor’s Office, Dr. Abdullahi Ozomata; Chief Economic Adviser to the State, Alhaji Aliyu Inda Salami; and Project Consultant/Managing Director of Pulse Engineering and Consulting Limited, Mr. David Lekan Obatolu.
During the visit, the delegation toured key Hezheng facilities, including its investment promotion centre, agricultural industry exhibition hall, global launch hall, and live-streaming incubation base. The tour provided valuable insights into Hezheng’s industrial park management model, enterprise support systems, agricultural technology integration, and cross-border market development strategies.
Deliberations between both parties focused on actionable implementation areas such as industrial park development, technology transfer, processing infrastructure, enterprise incubation, park management systems, investment mobilisation, and equipment deployment. Discussions also explored frameworks for establishing a structured and sustainable China–Kogi industrial cooperation platform.
Both sides expressed strong alignment on the project vision and implementation roadmap. In the coming months, technical and commercial workstreams will be advanced towards full project mobilisation, including preparatory activities for groundbreaking and the establishment of coordination offices in China, Kogi State, and Abuja.
This engagement underscores the commitment of the Kogi State Government to transitioning the SAPZ programme from planning to execution, while positioning the State as a competitive destination for agro-industrial investment.
Kogi State remains resolute in its vision to build a bankable and investment-ready agro-industrial ecosystem that will enhance food security, promote value addition, create jobs, strengthen farmer-market linkages, support export growth, and unlock new economic opportunities for its people.
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Rebuilding the North-East: Inside Nigeria’s Largest Post-Conflict Recovery Experiment
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How the NEDC is attempting to turn years of devastation into a pathway for long-term development
By Michael Olukayode
For more than a decade, Nigeria’s North-East has remained a symbol of prolonged conflict and humanitarian collapse. The insurgency led by Boko Haram and its breakaway factions did far more than disrupt security—it dismantled entire communities, shattered economic systems, and altered the social and cultural foundations of a region once anchored by farming and cross-border trade.
The human cost has been staggering. More than 350,000 people are estimated to have died directly and indirectly from the conflict. Over 2.5 million individuals were forced from their homes, while at the height of the crisis, about 8.4 million people required urgent humanitarian support. Entire settlements across Borno, Adamawa, and Yobe were destroyed, leaving behind a region marked by displacement and ruin.
A System Built from Collapse
The scale of destruction prompted the establishment of the North-East Development Commission (NEDC) in 2017 under former President Muhammadu Buhari. It was created not simply as a relief agency, but as a long-term institutional response to structural breakdown across an entire region.
Early post-conflict assessments placed the cost of destruction at over $9 billion. Infrastructure losses were extensive: thousands of homes were destroyed, more than 1,400 schools were damaged or completely wiped out, and in some areas over 70 percent of health facilities became unusable. The agricultural sector—long the backbone of the regional economy—collapsed almost entirely, deepening poverty and food insecurity.
To coordinate recovery, the Commission was tasked with implementing the North-East Stabilisation and Development Master Plan (NESDMP), a blueprint designed to move the region from emergency humanitarian response into structured reconstruction and sustainable development.
From Emergency Response to Large-Scale Reconstruction
Since beginning operations, the NEDC has implemented interventions worth hundreds of billions of naira, funded through federal allocations and supported by development partners.
Its activities span all six states of the region—Borno, Adamawa, Yobe, Bauchi, Gombe, and Taraba—where thousands of projects have either been completed or are ongoing.
Across its portfolio, the Commission has:
• Built and rehabilitated thousands of housing units for displaced families
• Executed more than 1,000 infrastructure projects, including roads, schools, and healthcare centres
• Distributed millions of relief items during peak humanitarian emergencies
• Supported agricultural programmes reaching hundreds of thousands of farmers
The Managing Director/Chief Executive Officer of the Commission, Mohammed Goni Alkali, explained that the institution is now deliberately evolving its focus.
“We are transitioning from humanitarian interventions to sustainable development,” he said. “The priority is building systems that can endure beyond immediate recovery.”
He added that reconstruction must be understood beyond physical structures.
“It is not only about rebuilding infrastructure. It is about restoring livelihoods, rebuilding institutions, and restoring hope to communities,” Alkali said.
Gradual Return to Normalcy Across Communities
On the ground, signs of recovery are beginning to emerge across the region, though unevenly.
Large numbers of internally displaced persons have started returning to reconstructed communities, easing long-standing pressure on overcrowded camps. Schools that were destroyed or abandoned during the peak of the insurgency are being rehabilitated and reopened, restoring access to education for thousands of children.
Healthcare delivery has also improved, with rebuilt and newly equipped facilities expanding access, particularly in rural areas that were previously cut off. Road reconstruction projects are reconnecting isolated communities, improving movement, trade, and access to services.
The Governor of Borno State, Professor Babagana Umara Zulum, acknowledged the role of the Commission in supporting recovery efforts.
“The NEDC has played a critical role in supporting the rebuilding of communities and restoring hope to our people,” he said.
Restoring the Economic Lifeline
Before the insurgency, agriculture was the dominant economic activity in the North-East, employing a large portion of the population. The conflict disrupted farming cycles, displaced rural communities, and left vast tracts of farmland abandoned.
Recovery efforts are now focusing on reversing that collapse. Through the distribution of seeds, fertilisers, and farming equipment, as well as investments in irrigation and dry-season farming, agricultural production is gradually resuming. Small businesses and cooperatives are also receiving support to stimulate local economies.
According to Alkali, economic recovery remains central to the Commission’s strategy.
“Without livelihoods, recovery cannot be sustained,” he said. “Economic empowerment is therefore at the core of our interventions.”
Moving Away from Long-Term Aid Dependence
One of the most significant shifts emerging in the region is the gradual transition from humanitarian dependency to self-reliance.
Although millions of people still require assistance, returning communities are increasingly rebuilding their own economic and social systems as stability improves.
Former United Nations Resident and Humanitarian Coordinator in Nigeria, Matthias Schmale, noted that recovery efforts are beginning to produce measurable improvements.
“There is clear evidence that living conditions are improving and that basic services are being restored,” he said.
Security Gains and Lingering Vulnerability
Despite notable progress in stabilisation, the North-East remains fragile. Military operations have significantly degraded insurgent capabilities, but sporadic attacks continue in some areas.
The Chairman of the Governing Board of the NEDC, Major General Paul Tarfa (rtd.), stressed that development must consolidate security achievements.
“Security gains must be reinforced with development initiatives. Only then can we achieve lasting peace,” he said.
Persistent Gaps in the Recovery Process
Even with extensive interventions, major challenges remain. Millions of residents are still dependent on humanitarian assistance, unemployment among young people remains high, and environmental pressures—including climate-related shocks—continue to threaten agricultural recovery.
In addition, funding limitations remain a key constraint, with the scale of needs far exceeding available resources.
The Managing Director acknowledged these gaps but reaffirmed the Commission’s commitment.
“The level of devastation is enormous, but we are committed to working with all stakeholders to deliver sustainable recovery,” Alkali said.
A Region Still in Transition
The North-East today exists in a complex state between crisis and recovery. It remains one of Nigeria’s most vulnerable regions, but also one of its most ambitious reconstruction theatres.
What is unfolding is a slow transformation: from destruction to rebuilding, from dependency to resilience, and from emergency survival to structured development.
Former United Nations Resident and Humanitarian Coordinator in Nigeria, Matthias Schmale, noted that recovery efforts are beginning to produce measurable improvements.
“There is clear evidence that living conditions are improving and that basic services are being restored,” he said.
Observing during his tenure in the country that: “The transition is visible, but sustaining it will require long-term investment and strong collaboration.”
Conclusion: Beyond Reconstruction
The work of the North-East Development Commission goes beyond rebuilding damaged infrastructure. It represents an attempt to reimagine post-conflict recovery at scale—linking humanitarian relief with long-term development planning.
From housing and healthcare to education and livelihoods, the foundations of a new regional reality are gradually taking shape.
Yet, as stakeholders consistently emphasise, the true measure of success will not be the number of projects completed, but whether the region can sustain stability, dignity, and opportunity over time.
In the North-East, the story of recovery is no longer only about survival.
It is about building a future that once seemed impossible—and ensuring it endures.
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Breaking : Tinubu Appoints Oyedele as Finance Minister in Cabinet Shake-Up
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…Edun, Dangiwa exit FEC
…Darma named Housing minister-designate
President Bola Ahmed Tinubu has approved a minor cabinet reshuffle, effecting changes in the membership of the Federal Executive Council (FEC) with the exit of two ministers and the appointment of replacements.
The decision, conveyed in a memo signed by the Secretary to the Government of the Federation (SGF), George Akume, directed the immediate redeployment of portfolios to strengthen governance delivery.
According to a statement issued by Special Adviser to the SGF on Media and Publicity, Yomi Odunuga, Mr. Wale Edun has been relieved of his duties as Minister of Finance and Coordinating Minister of the Economy under the reshuffle.
He is to hand over to Mr. Taiwo Oyedele, who has now been elevated to the position from his previous role as Minister of State in the ministry.
Similarly, the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, is to exit the cabinet, with the President naming Dr. Muttaqha Rabe Darma as ministerial nominee and minister-designate for the ministry.
The directive also mandates that Dangiwa hand over to the Minister of State in the ministry, pending Darma’s confirmation and assumption of office.
According to the memo, all handover and takeover processes are to be completed by close of business on Thursday, April 23, 2026.
Explaining the rationale for the changes, Akume said the reshuffle was designed to “strengthen cohesion, synergy in governance as well as achieve more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”
He added that the President exercised his constitutional powers under Sections 147 and 148 of the 1999 Constitution (as amended) in effecting the changes.
The President expressed appreciation to the outgoing ministers for their service to the nation and wished them success in their future endeavours.
Akume further conveyed the President’s assurance to cabinet members that the process of reinvigorating the government would be continuous and in line with the administration’s policy objectives.
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