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President Bola Tinubu says Nigeria's national defence and internal security, local job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security are some of the top priorities of the 2024 Budget of Renewed Hope.

Addressing a joint session of the National Assembly on the 2024 Federal budget proposal on Wednesday in Abuja, President Tinubu said the nation's internal security architecture will be overhauled to enhance law enforcement capabilities with a view to safeguarding lives, property, and investments across the country.

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

"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.

"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," the President affirmed.

Speaking on the economy, President Tinubu said a stable macro-economic environment is crucial in his administration's bid to catalyze private investment and accelerate economic growth; hence, his government 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. 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 the COP28 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 COP28 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," he said.

The President said a conservative oil price benchmark of 77.96 U.S. Dollars per barrel and a daily oil production estimate of 1.78 million barrels per day were adopted after a careful review of global oil market trends, and that a Naira to U.S. Dollar exchange rate of 750 naira per U.S. Dollar was adopted for 2024 as well.

Giving a breakdown of the 2024 Appropriation Bill, the President said: "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.

"The 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 represented 6.11 percent of GDP. The deficit will be financed by new borrowings totaling 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds, and 1.05 trillion naira draw down on multilateral and bilateral loans secured for specific development projects."

President Tinubu said his administration remains committed to broad-based and shared economic prosperity, adding: "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."

He also said efforts will be made to further contain financial leakages through the effective implementation of key public financial management reforms.

The President commended the patriotic resolve of the 10th National Assembly to collaborate with the Executive on the mission to renew the hope of Nigerians and deliver on the promises made to Africa's largest population.

"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 that are in line with the sectoral mandates of MDAs and those which are capable of realizing the vision of our administration should be included in the budget," the President declared.

Chief Ajuri Ngelale

Special Adviser to the President

(Media and Publicity)

November 29, 2023

President of the Senate, Godswill Akpabio said Nigeria achieved in 24 years a feat that took the United States 185 years to achieve.

In his address during the 2024 budget presentation by President Bola Ahmed Tinubu to the joint session of lawmakers at the National Assembly on Wednesday, Nov. 29, he said, ex-Senators occupy strategic positions in the executive which made the two arms to foster a healthier relationship.


Akpabio said with former lawmakers running the executive, a cordial relationship between the two arms would not only be a must, but they will continue to walk hand in hand and see eye to eye.

Akpabio said: “Mr President, the United States of America has started democracy for about 247 years. But it was only when it marked its 185th anniversary that it succeeded in producing two former senators John F Kennedy and Lyndon B Johnson as president and vice president respectively.

“But within 24 years of our democracy, we have achieved what took the United States of America 185 years to achieve.

“Not only do we have two former Distinguished Senators serving as the President and Vice President of our dear country; we also have other alumni of this Assembly in positions of public trust: Secretary to the Federal Government, Senator George Akume; the Chief of Staff to the President, Rt Hon. Femi Gbajabiamila, a former Speaker of the House of Representatives, and other Senators in the Cabinet.

“Mr. President, Distinguished and Honorable Members, maintaining a cordial relationship with the Executive Arm has always been a requirement of the law, but now, given that our Old Boys now run the Executive, a good relationship with the Executive is a must.

“Never have we had so many bridges and connection points between these two arms of Government.

“So we will continue to walk hand in hand and see eye to eye with the Executive Arm while ensuring that the principles of separation of powers, as well as checks and balances as enshrined in our Constitution are observed in the overriding public interest.”

The Founder of the Living Faith Church Worldwide, also known as Winners Chapel, David Oyedepo, has warned his son, Isaac, to avoid tarnishing or bringing down any Church while discharging his ministerial duties.

Naija News reports that Oyedepo stated this in a YouTube video Isaac shared on his X handle on Tuesday.

In the video titled, ‘Unveiling of the Isaac Oyedepo Evangelistic Ministries.’ Oyedepo addressed a congregation believed to be members of his son’s newly-founded ministry.

The cleric recalled how he corrected a church member who attempted to speak ill of TREM and Deeper Life Bible Church during a testimony, urging Isaac not to toe the path of the young generation of ministers who believed they were everything.

He said, “My son, His times are not in your hands, your times are in His hands. Don’t be part of maligning or bringing down any ministry.


“Some years ago, someone stood up to give a testimony and to malign TREM and Deeper Life and I corrected it immediately. Never get to a point where you say this thing is only happening with me.”

It would be recalled that Oyedepo’s family made headlines a month ago after the news emerged about Pastor Isaac’s resignation from his father’s ministry.

The reported resignation was announced by Church Gist, a media platform owned by Pastor Leke Beecroft, one of the long-term pastoral assistants at the LFC Headquarters in Ota.

In September, Pastor Isaac was said to have hinted about his plan to commence a new church ministry. The national youth pastor of the Youth Alive Fellowship (YAF), had disclosed that the new youth pastor will take the youthful congregation to glorious heights.

The Speaker of the House of Representatives, Tajudeen Abbas, has said the 2024 budget must address the most critical needs of long-suffering citizens.

He insisted that Nigerians are living through difficult times and called for a focus of the budget on social welfare.

Abbas stated this on Wednesday during President Bola Tinubu’s presentation of the 2024 budget proposal.

Naija News reports that Tinubu’s removal of fuel subsidy and unification of the exchange rate has led to an upward swing in the cost of living in Nigeria.


The speaker warned that the budget should not be seen as “a mere financial document.”

“Mr. President, it is a well-known fact that millions of our constituents are living through incredibly difficult times. For this reason, they also look to the Tinubu-led government to provide quick and sustainable solutions,” Abbas said.

Addressing the president’s request to pass the budget before December 31, Abbas said the president should ensure the MDAs appear before the committees for hearings.

“Mr. President, let me, on behalf of my colleagues in the National Assembly, assure you that we will give this bill the utmost priority it deserves. While we would give it accelerated consideration, we will diligently scrutinise it alongside Nigerians to ensure that when it is passed, it will be a budget that best addresses the most critical needs of our people,” Abbas added.

The Governor of Bayelsa State, Douye Diri, on Wednesday, presented the 2024 Appropriation Bill of N480.993 billion christened ‘Budget of Sustainable and Shared Prosperity’ to the House of Assembly for consideration.

The 2024 fiscal year’s estimates are N41.722 billion higher than the approved 2023 budget of N439.271 billion, currently under implementation by the state government.

He lamented that “the greatest challenge in the course of implementation of the 2023 budget is the high inflation rate in the country”, noting that current reports from the National Bureau of Statistics indicated that food inflation was about 31.5% while inflation hovered around 27 per cent.

Diri, however, said a general analysis of the budget performance, as of September 2023, showed that his administration “had achieved an overall performance of 73 per cent, where both the recurrent and capital expenditures got due attention.”

He claimed that the implementation of the 2023 budget achieved considerable success and consistency in critical areas such as security, education, agriculture, health, works and infrastructure, sports and the civil service.

Presenting the 2024 budget proposal, the governor said the fiscal document was consistent with the assumptions contained in the state’s 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper which the Assembly approved in October 2023.

The total recurrent expenditure is N154.096 billion representing 46.41 per cent, while total capital expenditure would gulp N257,777 billion which is 53.59 per cent.

Giving a breakdown of the budgetary allocation, which covered only nine sectors, Diri said Works and Infrastructure got N141.837 billion; Education N49.888 billion; Health N26.041 billion; Environment N15.554 billion; Agriculture N14.886 billion; Power N6.049; Lands and Housing N6.876 billion; Youths and Sports N7.656 billion; Transport N6.424 billion.

He explained that the budget would be financed through an opening balance of N13.625bn, statutory allocation of N57 billion, VAT N36 billion, 13 per cent derivation of N208.920 billion, IGR N23.869 billion and other capital receipts (stamp duties, loans, grants etc) N141.578 billion.

“We are guided by the desire to prepare a realistic, implementable and prioritized budget which is a reflection of the aspirations and wishes of critical stakeholders, and the economic realities in the country,” he said.

Diri assured the legislature that the executive arm would ensure strict discipline, transparency and due process in the implementation of the 2024 budget.

He also said that the Ministry of Budget and Economic Planning had been empowered to regularly analyse, monitor and evaluate the budget performance against the various policies, programmes and projects of the government.

While appealing to the Assembly to give the 2024 fiscal document expeditious approval, Diri expressed the hope that the lawmakers’ subsequent oversight of the implementation of the budget would bring greater dividends to the people of the state.

In his remarks, the speaker of the 24-member House of Assembly, Abraham Ingobere, commended the governor and his team for the administration’s achievements, assuring him that the legislature would prioritise the consideration and passage of the budget.

Human Rights Writers Association of Nigeria (HURIWA), has faulted president Bola Tinubu’s recent reconstitution of the management board of the Nigeria National Petroleum Company Limited, saying it breached a binding Judgement of a competent court of law.

While addressing a press conference, National Coordinator of HURIWA, Comrade Emmanuel Onwubiko who spoke on behalf of a coalition of ten Non-governmental bodies, asserted that it was illegal for the president to have made the announcement when he is aware that the Federal government had appealed a Federal High Court’s Judgement which invalidated the removal of Senator Ifeanyi, Ararume as Chairman of NNPC Ltd on inception.

HURIWA said, “The rule of law is the cornerstone of any democratic society, and its principles must be upheld at all times. The recent appointments announced by President Tinubu raise serious concerns about the commitment of the federal government to abide by the rule of law, especially when there is ongoing litigation related to the NNPC board.


“Firstly, we acknowledge the president’s authority to make appointments under Section 59(2) of the Petroleum Industry Act, 2021. However, the timing of these appointments, amidst a legal dispute over the removal of Senator Ararume, is not only questionable but also constitutes a clear affront to the rule of law.

“In the case of Ifeanyi Ararume vs. President Muhammadu Buhari, the Federal High Court in Abuja declared Ararume’s removal as the non-executive chairman of NNPC as wrongful and ordered his reinstatement. The court also awarded damages of N5 billion in favor of Senator Ararume. This decision is binding until set aside by a competent court.

“The question that begs an answer is: Where is the respect for the rule of law when the federal government, through President Tinubu, proceeds to make new appointments while the appeal filed against the court’s decision is still pending and subsisting? This action is not only a disregard for the judicial process but also a display of lawlessness and impunity.

“The doctrine of ‘sub judice,’ which prohibits discussing the merits of a case that is already before a court, is well established in our legal jurisprudence. It is intended to prevent interference with the judicial process and ensure that parties receive a fair and unbiased adjudication. President Tinubu’s decision to make new appointments in the NNPC during the pendency of an appeal is a clear violation of this doctrine.

“Moreover, the principle of ‘stare decisis’ dictates that the decisions of a court are binding on all inferior courts and authorities. The federal government, by making new appointments despite the court’s ruling in Ararume’s case, is undermining the authority of the judiciary and setting a dangerous precedent.

“We cite the case of R v. Sussex Justices, Ex parte McCarthy (1924) 1 KB 256, where Lord Hewart CJ famously stated, “It is not merely of some importance but is of fundamental importance that justice should not only be done but should manifestly and undoubtedly be seen to be done.” The actions of the federal government in making new appointments while a legal challenge is ongoing cast a shadow on the integrity of the judicial process.

“Furthermore, we refer to the case of Adegoke Motors Ltd. v. Adesanya (1989) 3 NWLR (Pt. 109) 250, where the Supreme Court held that parties should not take steps that will render nugatory the outcome of pending legal proceedings. The federal government’s insistence on making new appointments creates a situation where the appellate court might be faced with a ‘fait accompli,’ rendering any decision on the appeal meaningless.

“Therefore, HURIWA calls for a reversal of the recent appointments in the NNPC pending the determination of the appeal in Senator Ararume’s case. We urge President Tinubu and the federal government to respect the rule of law, adhere to the principles of sub judice, and uphold the sanctity of judicial decisions. The legal process must be allowed to run its course without interference, and any attempt to circumvent the rule of law should be vehemently condemned.

“As we emphasize the importance of upholding the rule of law, we must also recognize the broader implications of these actions for the democratic fabric of our nation. The judiciary, as the guardian of justice, plays a pivotal role in ensuring that the rights of individuals are protected, and its decisions are crucial in maintaining the delicate balance of power among the three arms of government.

“The Constitution of the Federal Republic of Nigeria, 1999, as amended, clearly delineates the powers and functions of the executive, legislative, and judicial arms of government. This separation of powers is fundamental to the democratic governance of our country and is designed to prevent the abuse of power and the emergence of authoritarianism.

“When the executive arm of government, in this case, the presidency, disregards the decisions of the judiciary and proceeds with actions that directly contradict those decisions, it undermines the delicate checks and balances that sustain our democracy. It is not just Senator Ararume whose rights are being violated; it is the very foundation of our democratic system that is under threat.”

The Supreme Court has ruled that both the old and the redesigned Naira banknotes remain valid legal tenders in the country beyond December 31.

The apex court, in a ruling by a seven-man panel led by Justice Inyang Okoro, on Wednesday, said the banknotes should remain in circulation, pending when the Federal Government, after due consultation with relevant stakeholders, takes a decision on the matter.

It made the order after hearing an application that was moved on behalf of the federal government by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN.

It will be recalled that the court nullified on March 3 the ban on the use of the old N200, N500, and N1000 banknotes as valid legal tenders by the President Muhammadu Buhari-led administration.

The court held that the old Naira notes should be used alongside the redesigned currencies until the end of the year.

In its lead judgement that was prepared and delivered by Justice Emmanuel Agim, the apex court slammed the FG for unilaterally introducing the demonitization policy through the Central Bank of Nigeria, CBN, without consulting the Council of States, the Federal Executive Council, the National Security Council, the National Economic Council, Civil Society Organizations and other relevant stakeholders.

It held that the FG failed to give valid notice to all the federating units before it decided to withdraw the old banknotes from circulation and introduce new ones.

The Supreme Court maintained that evidence before it established that a purported notice on the monetary policy was through “mere press remarks” by governor of the CBN, Mr. Godwin Emefiele.

It held that such remarks did not qualify as “reasonable notice” to the states as envisaged under section 20(3) of the CBN Act.

Besides, the court invalidated the directive President Buhari gave in the broadcast he made on February 16, which allowed only the old N200 note to remain a legal tender until April 10.

While accusing President Buhari of disobeying the interim order it made on February 8, which directed that the old banknotes should remain in use till the determination of the case before it, the apex court stressed that the President, by going ahead to ban the old banknotes, acted in a way that was inimical to democratic governance.

According to the court, having acted in disobedience to its order, FG lost its right to be granted an audience before it.

Following the end of the last administration, the President Bola Tinubu-led government re-applied to the Supreme Court for an indefinite extension of its December 31 deadline.

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.

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.

President Bola Tinubu has presented the 2024 Appropriation Bill of N27.5 trillion before a joint session of the Senate and the House of Representatives.

 

The appropriation bill was christened the “Budget of Renewed Hope.”

President Tinubu entered the Chamber of the House of Representatives at 11.13 a.m. The National Anthem was recited upon his arrival.

The President of the Senate and Chairman of the National Assembly, Godswill Akpabio, called the House to order at 11.15 a.m.

Akpabio began the reading of the welcome address at 11.20 a.m.

Ahead of today’s budget presentation three weeks ago, Tinubu forwarded to both chambers the 2024–2026 MTEF and Fiscal Strategy Paper.

In the paper, N26.1 trillion was proposed as the total expenditure profile for the 2024 fiscal year.

The Senate, through its Committee on Finance, after two weeks of interactive sessions with heads of ministries, departments, and agencies on revenue and expenditure projections made for them, approved the MTEF.

However, it was later adjusted to N27.5 trillion, which is being presented today.

[vanguardngr]

The National Judicial Council (NJC) may on Friday forward the names of 11 successful candidates for the position of Supreme Court justices to President Bola Ahmed Tinubu for appointment.

 

It also gathered that 22 priority and reserved candidates were shortlisted and screened on Tuesday at the Committee Room of the NJC in Abuja from 9 am to 6 pm.

The priority candidates include Justice Jummai Sankey, Justice Stephen Adah, Justice Mohammed Idris, Justice Abubakar Umar, Justice Chidiebere Uwa, Justice Obande Ogbuinya, Justice Ugochukwu Ogakwu, Justice Moore Adumein and Justice Habeeb Abiru.

The names of the reserved candidates are Justice Muhammad Sirajo, Justice Ridwan Abdullahi, Justice Joseph Ikyegh, Justice Abubakar Talba, Justice Balkisu Aliyu, Justice Abdullahi Bayero, Justice Onyekachi Otisi; Justice Theresa Orji-Abadua, Justice Chioma Nwosu-Iheme, Justice Biobele Georgewill, and Justice Oyewole Kayode.

Speaking to The PUNCH, a source at the National Judicial Council said that the names of the shortlisted justices were cleared by the various security agencies, including the Department of State Services (DSS) and police before they were forwarded to the NJC.

The source said the names should be forwarded to President Tinubu after the NJC plenary.

The source said: “The screening was done today (Tuesday). It started at 9 am and lasted till 6 pm. The screening of justices was held in the committee room of the NJC. Their names were earlier sent to security agencies for clearance before they came to the NJC.

 

“The interview committee comprising members of the council is the one conducting the screening for the shortlisted justices. That committee is headed by the second in command, which is Justice Kudirat Kekere-Ekun.

“The council will meet, and the names of successful candidates will be ratified. After the plenary, the names of the ratified justices will be immediately sent to the President. The plenary should be concluded at most in the next two days.”

Naija News understands that the NJC guideline for the appointment of justices to the apex court stipulates that the Chairman of the Judicial Service Commission/Committee is expected to come up with a provisional shortlist on the merits.

The list is to consist of not less than twice the number of judicial officers intended to be appointed at the particular time and circulate the provisional shortlist together with a request for comments on the suitability or otherwise of any of the shortlisted candidates.

The list is then forwarded to the NJC for its consideration of each of the short-listed candidates.

 

The candidates who have been shortlisted shall undergo an interview by the NJC to ascertain his or her suitability, after which the names of the successful candidates are forwarded to the President.

[NaijaNews]