On January 1, 2024, President Bola Tinubu signed the N28.78 trillion budget for the year, marking a pivotal moment in Nigeria’s fiscal trajectory. The President, in his New Year’s message, promised relief for Nigerians and outlined key priorities embedded in the budget. This article delves into the significant aspects of the budget, the President’s commitments, and the strategic focus areas for 2024.
Key Points:
- Budget Overview:
- President Tinubu signed a substantial budget of N28.78 trillion for 2024, highlighting the government’s commitment to addressing key national issues.
- The budget includes allocations for defence and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security.
- Strategic Focus on Judiciary and Legal Reforms:
- The President emphasized the importance of funding the judiciary, reflecting a commitment to creating a rules-based society. The 2024 Appropriation Act allocates significant resources to the judiciary, with a notable increase in statutory transfers from N165 billion to N342 billion.
- Legal reforms and judiciary funding are pivotal elements of Tinubu’s broader agenda for a just and rules-based society.
- Prioritizing Economic Revitalization:
- In his New Year’s address, President Tinubu acknowledged the economic challenges faced by Nigerians and expressed empathy for their struggles.
- The President outlined strategic decisions made in 2023, such as the removal of fuel subsidies and foreign exchange reforms, asserting that these measures were necessary for averting fiscal catastrophe.
- Commitment to National Prosperity:
- President Tinubu reassured citizens of his commitment to national prosperity and economic recovery, highlighting that every decision taken during his tenure has been in the best interest of the country.
- Initiatives such as the Siemens Energy power project and efforts to enhance power supply showcase the government’s commitment to infrastructure development.
- New National Living Wage and Worker Support:
- As part of the administration’s priorities, President Tinubu announced the implementation of a new national living wage, demonstrating a commitment to improving the standard of living for workers.
- Job creation, human capital development, and defence and security remain central to the government’s agenda for the year.
President Tinubu’s signing of the N28.78 trillion budget and his New Year’s message underscore the government’s dedication to addressing multifaceted challenges facing Nigeria. The strategic allocation of resources, emphasis on legal reforms, and commitments to economic revitalization and worker support collectively signal a proactive approach to governance. As the country steps into 2024, the implementation of the budget’s priorities will play a crucial role in shaping the socio-economic landscape and fostering a resilient and prosperous nation.
