Nigeria: Bola Tinubu presents his first budget to parliament

Having come to power on 29 May 2023, Bola Ahmed Tinubu has inherited a Nigerian economy weakened by energy problems, record inflation, heavy debt and capital flight. Bola Tinubu is aware of these challenges and has promised to do everything in his power to restore the country’s economic situation.

On Wednesday, the Nigerian president presented the first budget since coming to power, focusing on security and economic growth against a backdrop of high inflation.

In a speech to parliament in the capital Abuja, the head of state explained that attracting investment and solving Nigeria’s cost of living crisis were at the heart of his proposed N27.5 trillion (€31.72 billion) budget for 2024.

«The proposed budget aims to achieve job-rich economic growth, macroeconomic stability, an improved investment climate, human capital development, as well as poverty reduction and improved access to social security», said the President, according to a statement from the Presidency.

According to him, the government expects inflation, currently at 27%, to be brought down to 21.4% by 2024. The President is also aiming for growth of at least 3.76%.

For Bola Ahmed Tinubu, the negative effects of this decision will be temporary. Again appealing for the population’s patience, he assures us that this measure will benefit the country in the long term and attract more foreign investment.

The President also spoke of extending a programme to «provide cash payments to poor and vulnerable households».

«Our government remains committed to broad and shared economic prosperity», he stressed.

Parliament is preparing to vote on the budget before the start of the new year.