President Tinubu has outlined ambitious plans for the National Safety Net project in 2024, aiming to extend financial assistance to more impoverished and vulnerable individuals in Nigeria. Presenting the 2024 appropriation bill before a joint session of the National Assembly (NASS), he emphasized the government’s dedication to achieving broad-based economic prosperity.
Tinubu highlighted the ongoing review of social investment programs to enhance implementation and effectiveness. Specifically, he announced the expansion of the National Social Safety Net project, which will provide targeted cash transfers to households facing economic challenges. Additionally, efforts will be made to transition existing beneficiaries toward productive activities and employment.
Under the Tinubu administration, various cash transfer intervention programs have been initiated to alleviate economic hardships faced by the country’s vulnerable populations. The president envisions securing funding commitments for Nigeria’s energy transition during the upcoming Conference of Parties (COP28) summit in the United Arab Emirates (UAE).
Expressing optimism about COP28, Tinubu directed government agencies to work diligently in securing substantial funding commitments that would support Nigeria’s energy transition efforts. He sees the summit as a crucial platform for discussing energy transition projects and attracting private investments.
Tinubu urged proactive engagement from representatives to showcase Nigeria’s progress in creating an enabling environment for sustainable energy projects. Emphasizing the importance of international partnerships, he envisions Nigeria emerging from COP28 with tangible commitments, reinforcing the country’s dedication to a future where energy serves as both a catalyst for development and a driver of environmental stewardship.
In terms of the 2024 budget proposal, the total expenditure is set at N27.5 trillion. Non-debt recurrent expenditure is projected at N9.92 trillion, while debt service is expected to reach 8.25 trillion. A substantial allocation of N8.7 trillion is earmarked for capital expenditure.
The federal government has based its budget on a daily crude oil production rate of 1.7 million barrels, with a benchmark price set at $77.96. The exchange rate is pegged at N750/$. These parameters reflect the government’s strategic approach to fiscal planning amid dynamic economic conditions.
In summary, President Tinubu’s plans for 2024 signal a commitment to social welfare through the expansion of safety net programs and a focus on securing funding for Nigeria’s energy transition. The proposed budget reflects a balanced approach to expenditure, with a significant emphasis on capital projects and an acknowledgment of key economic variables. The president’s vision aligns with the broader goal of positioning Nigeria for sustainable development and environmental stewardship on the global stage.
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