The Former Senate President, Ibrahim Lawan has said President Bola Tinubu’s proposed budget of N27.5 trillion for 2024 represents a significant increase from the previous year, and reflects the administration’s ambitious vision for economic growth and development.
On his social media platform, Lawan who is now the Yobe North Senator, while reacting to the proposed budget presented by the President on Wednesday stated that one of the key highlights of the budget is the emphasis on infrastructure development, significantly allocation for roads, bridges, and other critical public works projects.
He added that the budget focus on infrastructure is commendable, as it can stimulate economic activity, create jobs, and improve the overall quality of life for citizens.
“Impressively, President Tinubu’s budget of ‘Renewed Hope’ targets the following areas, which, in my view are critical to Nigeria’s development.
“1. Infrastructure development: The budget focuses on infrastructure development, including roads, bridges, and transportation systems. This will help improve connectivity and foster economic growth.
“2. Education and health: The budget allocates funds for improving the education and health sectors, including building new schools and hospitals and providing better access to quality education and healthcare services.
“3. Job creation: The budget includes initiatives to stimulate job creation and support small and medium-sized enterprises, thereby boosting the economy and reducing unemployment.
“4. Social welfare programs: The budget provides for social welfare programs aimed at improving the standard of living for vulnerable populations, including the elderly, women, and children.
“5. Investment in agriculture: The budget includes provisions for investment in the agricultural sector, which will help boost food production, diversify the economy and improve food security.
“6. Efficient tax collection: The budget includes measures to improve tax collection and enforcement, which will help increase government revenue and reduce reliance on borrowing.
“7. Debt management: The budget includes a focus on prudent debt management and reducing the country’s debt burden, which is crucial for long-term fiscal sustainability.
“8. Transparent governance: The budget emphasizes transparency and accountability in government spending, which will help build trust and confidence in the government’s ability to manage public finances effectively”, he said.
The President Bola who said 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 Wednesday in Abuja during the presentation of the 2024 Federal budget proposal, 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 noted that 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.