President Tinubu has stated his administration’s plans for 2024 concerning the National Safety Net project.
The President plans to expand the safety net project to provide more cash to the poor and vulnerable among Nigerians.
The President stated this during the 2024 appropriation bill presentation before a combined session of both houses of the National Assembly (NASS).
The President said,
- “Our government remains committed to broad-based and shared economic prosperity. We are reviewing social investment programs 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.”
The Tinubu administration has embarked on a slew of cash transfer intervention programs aimed at ameliorating the economic hardship being faced by the poor and vulnerable across the country.
Tinubu plans to secure funding commitments for Nigeria’s energy transition at COP 28
Also, the President plans to use the Conference of Parties (COP28) summit billed to be held in the United Arab Emirates (UAE) to secure tangible commitments in Nigeria’s energy space to guarantee growth and development.
He hoped the COP 28 summit would be one where such projects concerning energy transition would be discussed and private funding secured.
He stated,
- “As we approach the 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.”
About the 2024 budget proposal
The total expenditure for the 2024 fiscal year stands at N27.5 trillion with non-debt recurrent expenditure at N9.92 trillion and debt service projected to be 8.25 trillion. Around N8.7 trillion is earmarked for capital expenditure.
The federal government adopted crude oil production at 1.7 million barrels daily and benchmark price at $77.96 with the exchange rate pegged at N750/$.
