President Bola Ahmed Tinubu has stated that economic growth and Social Security were among his main concerns as he outlined his first budget since coming to power and launching an ambitious reform agenda.
In a speech to lawmakers in the capital Abuja, President Bola Ahmed Tinubu said attracting investment and addressing Nigeria’s cost-of-living crisis were also the major cornerstones of his 27.5-trillion-naira ($34.84 billion) budget proposal for 2024.
He said “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”
As Nigerians continue to struggle with tripling of fuel prices and higher food costs after Tinubu ended a fuel subsidy and floated the naira currency after taking office earlier this year, the President has continually insisted that the negative impacts will be temporary and has repeated calls for patience, saying the move will benefit the country in the long run and attract more foreign investment to Africa’s largest economy. He also outlined plans to expand a scheme to “provide targeted cash transfers to poor and vulnerable households.
“Our government remains committed to broad-based and shared economic prosperity,” he said. Inflation in Nigeria has skyrocketed, reaching more than 27 percent over the past year. Tinubu said the government expects it to come down to 21.4 percent in 2024, and believes the economy will grow by at least 3.76 percent.