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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

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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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BREAKING: By- Election, DSS arrests PDP agent with N30m cash for alleged vote-buying in Kaduna

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The Department of State Services (DSS) and Police have arrested a suspected People’s Democratic Party (PDP) agent, Shehu Fantagi, with about N30 million allegedly earmarked for vote-buying ahead of today’s by-elections in Kaduna State.

Fatangi was picked up on Friday evening at a hotel in the Kaduna metropolis, where he was said to be coordinating the distribution of the funds meant to influence voters in the Chikun/Kajuru Federal Constituency election.

Reliable security sources confirmed that the suspect was caught in possession of cash running into tens of millions, allegedly intended to compromise the integrity of the polls.

The Kaduna State Police Command also confirmed the arrest.

Its spokesman DSP Mansir Hassan, in a statement on Saturday said: “In a sustained and collaborative effort by security agencies to ensure that the forthcoming by-elections in Kaduna State are conducted peacefully and without interference from criminal elements, operatives of the Nigeria Police Force in conjunction with the Department of State Services (DSS) have successfully apprehended vote buyer in Kaduna.”

According to him: “At about 0330hrs of today, arrested one Shehu Aliyu Patangi at a popular hotel located along Turunku Road in Kaduna metropolis and recovered a total cash sum of Twenty-Five Million, Nine Hundred and Sixty-Three Thousand Naira (₦25,963,000) from the suspects, believed to be earmarked for the purpose of inducing voters to compromise the electoral process.

“Preliminary investigations revealed that the suspect had planned to use the said amount to bribe eligible voters. On interrogation the suspect confessed to the crime and pleaded for leniency.

“The Commissioner of Police, CP RABIU MUHAMMAD psc, mni, expresses appreciation to the other sister agencies for the synergy and swift collaborative action. He warns, in the strongest terms, that anyone, regardless of status, found attempting to undermine the electoral process will face the full wrath of the law.

“The Kaduna State Police Command reassures residents of its commitment to providing maximum security before, during and after the elections, and calls on the good people of Kaduna State to go out and exercise their franchise peacefully and lawfully without fear or intimidation.”

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Bye-Election: Crisis Rocks Labour Party as Obi Directs Members to Vote for Other Party , Abure Says ‘Ignore Him’

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The attention of the leadership of the Labour Party has been drawn to a statement by the party’s former presidential candidate, Mr. Peter Obi, directing party members to cast their votes for another party in the August 16, 2025 bye-election. The party said that Obi’s directive is misleading, mischievous and delusional.

The party is however calling on all our faithful party members to ignore this malicious directive and go ahead with casting of their votes for the Labour Party and their candidates.

It is unfortunate that Obi has turned himself to an irony and a paradox in the Nigeria political space. He is now reputed to have elevated subterfuge in the game of politics and has of late been crying wolf where there is none. He has turned himself into “Uber” politician, not willing to take a position and stand by his decision. He has now booked a place for himself in the Guinness book of records as a person affiliated to many political parties pari pasu, all in his desperation to preside over Nigeria.

Nigerians should not forget in a hurry that it was Peter Obi that created the crisis in the Labour Party which he is now citing as a reason why people should not vote for the party. Peter Obi and Alex Otti the Governor of Abia State hosted the ill-fated and illegal expanded stakeholders meeting in Umuahia, September 4, 2024. He has also co-funded the crisis all these while and went as far as leading a protest match to INEC headquarters against his own party.
His desperation to control the soul of the party has made him go haywire.
A man that received so much goodwill from the party leadership but turned around to pay them with evil. This is why we have maintained that Peter Obi lacks the competence, character and capacity to actualise the vision of a new Nigeria.

What Obi does not know is that Labour Party is on the ballot and our candidates are contesting the election in spite of all his efforts to strangulate the Labour Party. The party unknown to him has done everything within the law to ensure that our candidates participate in the bye-election and of course in all other future election.

We are therefore encouraging our candidates, members and supporters across all the states where bye-election is holding to be focused and ensure that we carry out our civic duties by returning Labour Party and the candidates elected. Nigerians have come to know who Peter Obi is.

 

 

 

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Tinubu orders FIRS, Customs to review revenue deductions, Says Edun

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President Bola Tinubu on Wednesday directed a review of deductions and revenue retention practices by Nigeria’s major revenue-generating agencies, in a bid to boost public savings, improve spending efficiency, and unlock resources for growth.

The agencies include the Federal Inland Revenue Service, the Nigeria Customs Service, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Maritime Administration and Safety Agency, and the Nigerian National Petroleum Company Limited.

Tinubu gave the directive during the Federal Executive Council meeting on Wednesday in Abuja. The President’s directive was disclosed to journalists by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

According to Edun, President Tinubu specifically called for a reassessment of NNPC’s 30 per cent management fee and 30 per cent frontier exploration deduction under the Petroleum Industry Act. He tasked the Economic Management Team, chaired by Edun, to present actionable recommendations to FEC on the optimal way forward.

The President said the directive was part of efforts to sustain reforms that have dismantled economic distortions, restored policy credibility, enhanced resilience, and bolstered investor confidence.

According to him, these reforms have created a transparent, competitive business environment attractive to local and foreign investors in critical sectors such as infrastructure, oil and gas, health, and manufacturing.

Reaffirming the Renewed Hope Agenda, Tinubu said Nigeria’s goal of a $1tn economy by 2030 requires growth of at least seven per cent annually from 2027 — a target he described as “not just economic, but a moral imperative,” as higher growth is the surest path to tackling poverty.

He cited the July 2025 International Monetary Fund Article IV report, which he said endorsed Nigeria’s economic trajectory and the need for investment-led growth.

On grassroots empowerment, the President pointed to the Renewed Hope Ward Development Programme — a ward-based initiative covering all 8,809 wards across the country — designed to lift economically active citizens through micro-level poverty reduction strategies in collaboration with states, local governments, and private partners.

Tinubu noted that public investment accounts for just five per cent of Gross Domestic Product due to low savings, stressing that optimising “every available naira” is vital, especially under current global liquidity constraints.

Edun said macroeconomic indicators were improving, with a more stable exchange rate, easing inflation, rising revenues, and debt-to-GDP ratios now within range. He described savings as the foundation of investment and said the President’s directive aims to quickly raise public sector savings by reviewing deductions and retention practices.

Meanwhile, Edun said he presented two memoranda to Council — a $125m Islamic Development Bank financing for infrastructure in Abia State, covering 35 kilometres of roads in Umuahia and 126 kilometres in Aba; and a plan to refinance N4tn in outstanding electricity sector obligations.

The electricity debt resolution will be executed in phases, with the first phase expected within three to four weeks under the coordination of the Debt Management Office and other agencies.

According to the talking points by President Bola Tinubu obtained by our correspondent, he commended members of the Federal Executive Council for implementing bold reforms “that have dismantled longstanding distortions in our economy and restored policy credibility.”

Tinubu said the reforms have enhanced economic resilience, restored macroeconomic stability, created a transparent and competitive business environment, and bolstered investor confidence.

“As a result, our economy is now better positioned to attract both domestic and foreign private investment-investment that is critical to stimulating sustained growth, creating decent jobs, and lifting millions of Nigerians out of poverty.

“Our Renewed Hope Agenda remains focused on achieving a $1tn economy by the year 2030. To realise this vision, we must now accelerate our efforts to achieve a minimum growth rate of 7.0 per cent by 2027,” Tinubu said.

According to him, stimulating higher growth is the only sustainable path to solving the poverty challenge in Nigeria. “The recent IMF Article IV Report, published in July 2025, also affirms this trajectory and underscores the importance of investment-led growth.

“In line with our commitment to inclusive development, I recently launched the Renewed Hope Ward Development Programme-a ward-based initiative covering all 8,809 wards across the 774 Local Government Areas in Nigeria.

“This programme is close to my heart. It is designed to empower active grassroots economic players, using a micro-level approach to tackle poverty. We aim to bring sub-national governments and private sector partners on board to ensure efficient and impactful implementation,” he stated.

He urged governors to accelerate growth by prioritising productivity-enhancing investments, strengthening food security, and deepening collaboration with local governments to address the poverty challenge and ensuring that no Nigerian is left behind.

Speaking on savings and investment as catalysts for growth, the President emphasized the critical role of savings in catalyzing investment and growth. “Currently, public investment as a share of GDP stands at a low 5.0 per cent, largely due to insufficient public savings.

“We must urgently review and optimize our savings. This includes enhancing spending efficiency and reviewing deductions from the Federation Account, such as the cost of collection by revenue agencies, such as FIRS, Customs, NUPRC, and NIMASA, etc.

“There is also the need to reassess the 30 per cent management fee and the 30 per cent frontier exploration deduction by NNPC based on the Petroleum Industry Act. We must optimise every available Naira to sustain our momentum and finance our growth trajectory-especially in a time of global liquidity constraints.

“Accordingly, I am directing the Economic Management Team, chaired by the Minister of Finance and Coordinating Minister of the Economy, to conduct a comprehensive review of all deductions and revenue retention practices, and present actionable recommendations to this Council for an optimal way forward.”

 

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