When President Bola Tinubu arrived at the National Assembly complex on Wednesday, 29 November, he was walking into a familiar scene it seemed. However, what was different and obvious on this occasion was the fact that he wasn’t a Senator anymore and he was going to be presenting the 2024 Appropriation Bill to federal parliamentarians.

The president has often shown a thematic approach to addressing issues. Following this tradition, he decided to tag this bill The Renewed Hope Budget and he wishes for it to be passed by 1 January 2024. That is how much he wants to get the next year running.

There has been an unprecedented amount of suffering among Nigerians attributed to the severe financial stress that they go through. Inflation last stood at 27.33% in October and it has been the highest ever recorded.

All these factors point to extraordinary steps being needed to assuage the situation and that is what Mr Tinubu hopes to do with his first annual budget presented as the President of Nigeria. His speech read in the presence of Senate President Godswill Akpabio and the House of Representatives Speaker, Tajudeen Abass captures interesting things to come.

“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”, adds President Tinubu, “is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly.”

Any turn taken in the president’s speech always seems to bend towards his efforts to revitalise the economy of Nigeria. He has been showing desire and has been courting Middle Eastern and European partners and allies to achieve sustainability for his country.

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In the Appropriation Bill lies all the fiscal infrastructure that Mr Tinubu hopes would bring a positive turnaround.

“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.”

Having mused about what would be addressed in the budget, President Bola Tinubu also explained what is to be achieved.

According to the president’s forecast, the economy after all the fiscal measures have been implemented, can “grow by a minimum of 3.76 percent”, which is higher than earlier International Monetary Fund (IMF) predictions averaging 3.1%.

Ahead of 2024, inflation figures are “expected to moderate to 21.4 percent”, says the president.

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He adds that “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.”

As soon as he presented the budget, President Bola Tinubu was to head down to Dubai in the United Arab Emirates for discussions with other world leaders attending the 28th United Nations Climate Change Conference (COP28).

One key aspect of his national assembly speech pivoted around steering Nigeria towards a sustainable future that addresses the known problems relating to climate change and the cleanest energy mix the earth has to offer.

Ayodele Johnson

Ayodelé is a Lagos-based journalist and the Content and Editorial Coordinator at Meiza. All around the megacity, I am steering diverse lifestyle magazine audiences with ingenious hacks and insights that spur fast, informed decisions in their busy lives.