Politics
Nigerians React As President Tinubu Charts Economic Course With 27.5 Trillion Naira 2024 Appropriation Bill (Details)
On Wednesday, President Bola Tinubu declared that the 2024 ‘Budget of Renewed Hope’ places significant emphasis on Nigeria’s national defense and internal security. Tinubu emphasized the need for an overhaul of the internal security architecture to bolster law enforcement capabilities, ensuring the protection of lives, property, and investments nationwide. Speaking before a joint session of the National Assembly in Abuja, the President outlined key priorities, including local job creation, macro-economic stability, optimization of the investment environment, human capital development, poverty reduction, and social security…..CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
Highlighting the budget’s focus on human capital development, especially for children, Tinubu emphasized the critical role of human resources in national development. The President outlined strategies to enhance budget performance, including a focus on value for money, transparency, and accountability through collaboration with development partners and the private sector.
Addressing long-standing issues in the education sector, Tinubu announced plans for a more sustainable funding model for tertiary education, including the implementation of the Student Loan Scheme by January 2024. The President projected a minimum economic growth of 3.76 percent, exceeding the world average, and forecasted a moderation of inflation to 21.4 percent in 2024.
Tinubu underlined Nigeria’s commitment to a greener future, emphasizing public-private partnerships to leverage private capital for major infrastructure projects. The budget allocates resources to support innovative and environmentally conscious initiatives, aiming to position Nigeria as a regional leader in clean and sustainable energy.
The President disclosed key economic parameters, including a conservative oil price benchmark, daily oil production estimate, and Naira to U.S. Dollar exchange rate for 2024. The 2024 Appropriation Bill proposes an aggregate expenditure of 27.5 trillion naira, with allocations for non-debt recurrent expenditure, debt service, and capital expenditure.
Tinubu highlighted the government’s commitment to meeting debt obligations, with a projected deficit of 9.18 trillion naira in 2024. The deficit will be financed through new borrowings, privatization proceeds, and drawdowns on multilateral and bilateral loans for specific development projects.
Expressing dedication to broad-based economic prosperity, Tinubu outlined plans to review and enhance the implementation of social investment programs. Efforts will be made to contain financial leakages through effective public financial management reforms.
The President commended the collaboration between the 10th National Assembly and the Executive in renewing hope for Nigerians. He urged a thorough legislative review process to ensure the inclusion of projects and programs with equitable benefits and alignment with the administration’s vision in the 2024 Budget.
Brazil’s President has called on global powers to reconsider their strategies after saying they have failed to end the ongoing conflict in the Middle East.....KINDLY READ THE FULL STORY HERE▶
Speaking at a summit of progressive leaders in Barcelona, Luiz Inácio Lula da Silva urged the five permanent members of the United Nations Security Council to adopt a new approach and take stronger responsibility for maintaining global peace.
He also criticised U.S. President Donald Trump for his frequent social media posts directed at Iran.
“We cannot wake up every morning and go to bed every night with a tweet from a president threatening the world and declaring wars,” Lula said.
APC Fires Back at Adeleke Over ₦300bn LG Funds Allegation, Blames Governor for Salary Crisis....KINDLY READ THE FULL STORY HERE▶
The Osun State Chapter of the All Progressives Congress (APC) has responded to claims by Governor Ademola Adeleke that local government officials under the party diverted about ₦300 billion meant for workers’ salaries.
Adeleke had made the allegation during a stakeholders’ meeting, accusing APC-controlled council officials of hijacking funds and forcing the state government to shoulder salary payments for local government workers, teachers, health staff, and pensioners for over a year.
He insisted he would not abandon workers, blaming the situation for delays in executing some state projects.
But in a statement, APC’s Director of Media and Information, Kola Olabisi, dismissed the claims, accusing the governor of misleading the public and shifting blame.
The party alleged that Adeleke was responsible for the salary issues, claiming he refused to release electronic payment vouchers and other financial documents needed for processing payments.
APC also said pension-related records, leave bonuses, cooperative deductions, and other financial data had not been made available despite repeated appeals, insisting that funds were properly accounted for and available for use if approved.
The party urged pensioners and workers to seek clarification, insisting the situation could be resolved if the governor allowed due process to take place.
Ekiti State Governor, Biodun Oyebanji, has installed Oba Gbenga Adebowale Agbaje-Gorite as the new Eesalokun of Ilukuno Ekiti in Ijero Local Government Area, reaffirming his administration’s commitment to strict adherence to due process in the selection of traditional rulers.....KINDLY READ THE FULL STORY HERE▶
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