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2024 Budget: Tinubu’s administration targets 3.76% economic growth, N9.18tn deficit

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President Bola Tinubu says his administration is targeting a 3.76 per cent economic growth in the 2024 fiscal year.

This was as he spotlighted national security, local job creation and poverty reduction as the top priorities of the 2024 Appropriation Bill which he called the ‘Budget of Renewed Hope.’

 

“A critical focus of this budget and the medium-term expenditure framework is Nigeria’s commitment to a greener future…We expect the economy to grow by a minimum of 3.76 per cent, above the forecasted world average. Inflation is expected to moderate to 21.4 per cent in 2024,” Tinubu said when he presented the 2024 budget proposal to a joint session of the 10th National Assembly in Abuja — his first since assuming office exactly six months ago.

 

Addressing the national assembly, Tinubu promised to overhaul the nation’s internal security architecture to enhance law enforcement capabilities to safeguard lives, property and investments nationwide.

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He said the proposed budget prioritises human capital development, with particular attention given to children because human capital remains the most critical resource for national development.

 

Therefore, “To improve the effectiveness of our budget performance, the 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,” he explained.

 

“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,” Tinubu added.

 

On the economy, Tinubu argued that a stable macroeconomic environment is crucial in his administration’s quest to catalyse private investment and accelerate economic growth.

 

Consequently, he affirmed that his administration shall continue to implement business and investment-friendly measures for sustainable growth.

Giving a breakdown of the 2024 Appropriation Bill, the President said: “Accordingly, an aggregate expenditure of N27.5tn is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is N9.92tn while debt service is projected to be N8.25tn and capital expenditure is N8.7tn. Nigeria remains committed to meeting its debt obligations. Projected debt service is 45 per cent of the expected total revenue.

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“The budget deficit is projected at N9.18tn in 2024 or 3.88 per cent of GDP. This is lower than the N13.78tn deficit recorded in 2023, which represented 6.11 per cent of GDP. The deficit will be financed by new borrowings totalling N7.83tn, N298.49bn from Privatisation Proceeds, and N1.05tn draw down on multilateral and bilateral loans secured for specific development projects.”

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Edo Election: Quasi-security outfits not allowed – IGP

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With days to the September 21 Governorship Election in Edo State, the Inspector General of Police (IGP) Kayode Egbetokun says quasi-security outfits won’t be allowed to intervene in election security in the South-South state.

He stated this Sunday during the Edo Election Security Townhall, a programme organised by Channels Television in partnership with the Kimpact Development Initiative and the UK International Development.

Egbetokun said, “We will be impartial, we will be professional, and we will be vigilant whilst providing a level playing ground for all the political parties and their candidates.

“Quasi-security organisations would not be allowed to take part in this election. They will not be allowed to intervene in the election security. Just as we have done in previous elections, only the police and other security agencies will be lawfully deployed for this exercise.

“For those who may be thinking of using violence to disrupt the election, I have a warning for them. Any person or persons found bearing any offensive weapon on the day of election will be treated instantly as an armed criminal.”

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Egbetokun assured citizens of the state of “peaceful outcomes”.

With the IGP’s comment, the Edo State Security Network and other state-run and private-run outfits are banned from election security next Saturday.

The political temperature in the state has been turbocharged in the last year. Of note, 95 cases of violence including 35 incidents of electoral violence have been recorded since January this year in the state. Last week, the Peoples Democratic Party declined to sign a peace pact signed by 16 other parties fielding candidates in the poll.

Analysts have described the forthcoming poll as a three-horse race involving Asue Ighodalo of the People Democratic Party (PDP), Monday Okpebholo of the All Progressives Congress (APC) and Olumide Akpata of the Labour Party (LP).

Akpata is a former president of the Nigerian Bar Association (NBA); while Ighodalo, former Chairman of the Nigerian Economic Summit Group (NESG); secured the endorsement of the incumbent governor, Godwin Obaseki, who shunned his deputy and party man, Philip Shaibu. Shaibu and former governor Adams Oshiomhole have pledged their support for Okpebholo.

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Over 2.6 million registered voters from 18 local government areas are to decide the next governor of the South-South state.

Edo is one of the eight states where governorship elections are held off-season due to litigations and court judgements. Others are Anambra, Bayelsa, Ekiti, Imo, Kogi, Osun and Ondo.

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BREAKING: 281 inmates missing from custodial centre after Maiduguri flood – NCoS

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The Nigerian Correctional Service has declared 281 inmates missing from the Medium Security Custodial Centre, Maiduguri, the Borno State capital.

The service noted that this followed an evacuation process in the aftermath of the flood incident in the state, as seven inmates were returned to the centre.

 

In a statement on Sunday in Abuja by its spokesman, Umar Abubakar, the service released the details of the inmates, including their biometrics.

Abubakar said, “The Nigerian Correctional Service has observed the flooding currently being experienced in Maiduguri, Borno State, and its environment.

“The unfortunate incident has left scars, bringing down the walls of the correctional facilities, including the Medium Security Custodial Centre, Maiduguri (MSCC), as well as the staff quarters in the City.

 

“Upon the evacuation of inmates by officers of the service with support from sister security agencies to a safe and secure facility, 281 inmates were observed to be missing.”

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He, however, added that “it is important to note that the service is in custody of their details, including their biometrics, which is being made available to the public below.

 

“The service is working in synergy with other security agencies as both covert and overt deployments have been activated to look out for them.

 

“Presently, a total of seven inmates have been recaptured and returned to custody, while efforts are on ground to track down the rest and bring them back to safe custody.”

 

“While this effort is on, the public is assured that the incidence does not impede or affect public safety.”

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BREAKING: NNPC trucks begin petrol loading at Dangote refinery

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A fleet of trucks at the Dangote Refinery, located in the Ibeju-Lekki area of Lagos State, began lifting Premium Motor Spirit, known as petrol, on Sunday.

The trucks, belonging to the Nigerian National Petroleum Corporation Limited, were seen in videos posted on the X handle of the Dangote Group.

The tweet read, “First set of trucks set for loading of PMS at the Dangote Petroleum Refinery.”

Meanwhile, the national oil firm, in a tweet on Saturday, noted that hundreds of trucks would be deployed to the refinery today (Sunday) for PMS loading.

The NNPC stated, “In preparation for the Dangote Refinery’s scheduled petrol loading on Sunday, 15th September 2024, NNPC Ltd has been mobilising trucks to the refinery’s fuel loading gantry in Ibeju-Lekki. As of Saturday afternoon, NNPC Ltd had deployed over 100 trucks, with hundreds more en route.”

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