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[FULL TEXT] Tinubu’s 2024 Budget Speech

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President Bola Tinubu, on Wednesday, presented the N27.5 trillion 2024 budget proposal to a joint session of the 10th National Assembly in Abuja — his first since assuming office exactly six months ago.⁣

Read the full speech below:

1. 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 is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly.

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2. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion to economic development and to the greater welfare of our people. It also highlights your desire to work in close collaboration with the Executive branch. We do not serve ourselves. We must always strive to work together to serve and benefit the people of our beloved country.

3. I am confident that the National Assembly will continue to work closely with us to ensure that deliberations on the 2024 Budget are thorough but also concluded with reasonable dispatch. Our goal is for the Appropriation Act to come into effect on the 1st of January 2024.

4. It is, by now, a matter of recorded history that my very first fiscal intervention as President of this great nation was to end the fuel subsidy regime which had proven to be so harmful to the overall health of our national economy. The second was to negotiate and subsequently present a supplementary budget to enable my government to fund the items needed to restore macro-economic stability and mitigate the harsh impact of subsidy removal.

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READ ALSO: BREAKING: Tinubu Sends Message To Senate On 2024 Budget

5. The third was to secure a second supplementary budget, this time to enable us to keep our promises to promote national security, invest in infrastructure and provide much-needed support to the most vulnerable households in our society.

6. In swearing in my cabinet and reflecting on the unique challenges facing us, I invited the Ministers to imagine that we are attempting to draw water from a dry well. Today, I stand before you to present our Budget of Renewed Hope; a budget which will go further than ever before in cementing macro-economic stability, reducing the deficit, increasing capital spending and allocation to reflect the eight priority areas of this Administration. The budget we now present constitutes the foundation upon which we shall erect the future of this great nation.

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PREVAILING ECONOMIC ENVIRONMENT

7. Economic conditions remain challenging both abroad and at home. Despite lingering post-COVID supply and production bottlenecks, armed conflict in various parts of the world and restrictive monetary policies in major economies, we expect global growth to hover around 3.0 percent in 2024. This relatively low rate has significant implications for our economy due to our current reliance on importation.

8. Distinguished Senators, Honourable Members: despite the global headwinds, the Nigerian economy has proven resilient, maintaining modest but positive growth over the past twelve months.

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9. Inflation has trended upward due to weak global conditions. To contain the rising domestic prices, we will ensure effective coordination of fiscal and monetary policy measures, and collaborate with sub-national governments to address structural factors driving inflation in Nigeria.

10. The Budget proposal meets our goal of completing critical infrastructure projects which will help address structural problems in the economy by lowering the costs of doing business for companies and the cost of living for the average person, The Honourable Minister of Budget and Economic Planning will provide full details of this proposal.

READ ALSO: Tinubu Appoints New Board, Management Team For NNPCL [Full list]

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PERFORMANCE OF THE 2023 BUDGET

11. Distinguished Senators and Honourable Members, an aggregate revenue of 11.045 trillion naira was projected to fund the 2023 Budget of 24.82 trillion naira with a deficit of about 6.1 percent of GDP.

12. As of September 30, the Federal Government’s actual aggregate revenue inflow was 8.65 trillion naira, approximately 96 percent of the targeted 8.28 trillion naira.

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13. Despite the challenges, we continue to meet our obligations.

THEME AND PRIORITIES OF THE 2024 BUDGET

14. 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.

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15. Defence and internal security are accorded top priority. The internal security architecture will be overhauled to enhance law enforcement capabilities and safeguard lives, property and investments across the country.

16. Human capital is the most critical resource for national development. Accordingly, the budget prioritizes human development with particular attention to children, the foundation of our nation.

17. 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.

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READ ALSO: Rivers: APC Opens Up On Tinubu Handing Over Party Structure To Wike

18. 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.

19. A stable macro-economic environment is important to catalyse private investment and accelerate economic growth. We have and shall continue to implement business and investment-friendly measures for sustainable growth.

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20. We expect the economy to grow by a minimum of 3.76 percent, above the forecasted world average. Inflation is expected to moderate to 21.4 percent in 2024.

21. 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.

22. Emphasizing public-private partnerships, we have strategically made provisions to leverage private capital for big-ticket infrastructure projects in energy, transportation and other sectors. This marks a critical step towards diversifying our energy mix, enhancing efficiency, and fostering the development of renewable energy sources. By allocating resources to support innovative and environmentally conscious initiatives, we aim to

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Trump Using FBI To ‘Intimidate’ Congress, US Lawmakers Cry Out

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US Democratic lawmakers accused Donald Trump on Tuesday of using the FBI to “intimidate” members of Congress and said the law enforcement agency had requested interviews with them following their criticism of the president.

The legislators were among six who this month called on military and intelligence personnel to refuse any “illegal orders” by Trump, who labeled them “traitors.”

President Trump is using the FBI as a tool to intimidate and harass Members of Congress,” said a statement released by Jason Crow, Chris Deluzio, Maggie Goodlander and Chrissy Houlahan, who are all Democratic members of the House of Representatives.

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“Yesterday, the FBI contacted the House and Senate Sergeants at Arms requesting interviews,” they said. “No amount of intimidation or harassment will ever stop us from doing our jobs and honoring our Constitution.”

READ ALSO:Trump’s Military Threat To Nigeria Reckless – US Congresswoman

The FBI in an email declined to comment. The White House did not immediately respond to a request for comment.

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The US military said on Monday it was weighing a court-martial against Democratic senator and former astronaut Mark Kelly, who had also appeared in the video released this month which urged troops to refuse unlawful orders.

Kelly, a decorated Navy combat pilot and former astronaut who commanded the Space Shuttle Endeavour’s final flight, fired back that he would not be intimidated or “silenced by bullies.”

Elissa Slotkin, another senator who appeared in the video, said in a post on X on Tuesday that the FBI “appeared to open an inquiry into me in response to a video President Trump did not like.”

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READ ALSO:Saboteurs Against Presidential Amnesty Reforms – General Ndiomu

“The President directing the FBI to target us is exactly why we made this video in the first place,” she said.

The six Democrats who released the video did not specify which orders they meant, but Trump has ordered the National Guard into multiple US cities — often against local objections — to curb what he calls rampant unrest.

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Overseas, Trump has ordered strikes on alleged drug-smuggling vessels in the Caribbean and eastern Pacific Ocean that killed more than 80 people and which experts say are illegal.

Trump initially accused the group of “seditious behavior, punishable by death.”

Over the weekend, he wrote in an all-caps social media rant that the “traitors” who told troops to disobey him “should be in jail.”

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Court Issues Arrest Warrant For Miss Universe Co-owner

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A Thai court has issued an arrest warrant for the media mogul and co-owner of the Miss Universe beauty pageant over alleged fraud worth $930,000, a court official told AFP on Wednesday.

This year’s Miss Universe contest concluded last week following a streak of scandals, including a tantrum by the host and allegations of sexism.

But after Miss Mexico was crowned winner, fresh outrage has targeted Anne Jakapong Jakrajutatip, whose JKN Global Group co-owns the contest.

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The South Bangkok Civil Court issued a warrant for Jakapong on Tuesday after a plastic surgeon accused her of fraud and concealing information when persuading him to invest in JKN in 2023.

READ ALSO:N6trn: Court Orders Tinubu To Publish NDDC Audit Report, Name Indicted Officials

The defendant invited [the plaintiff] to invest knowing her inability to return the money within the appointed time,” said a court statement shared with AFP on Wednesday.

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A verdict in the 30 million baht ($930,000) case was scheduled for Tuesday, but Jakapong failed to appear in court, and the warrant was issued because her behaviour “could be interpreted as fleeing,” it added.

The court has rescheduled the verdict for December 26, but some local media have reported that Jakapong had left for Mexico amid rumours of mounting financial woes.

READ ALSO:My Husband Shows His Other Wives More Affection, Woman Tells Court

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The Miss Universe Organisation said in a statement earlier this year that “these legal proceedings are entirely separate” from its operations.

Miss Universe 2025 wrapped up in Bangkok on Friday, after drama stirred by a public bust-up between a male competition host and the eventual winner, Miss Mexico, Fatima Bosch.

In a livestreamed event, the host singled her out for failing to post promotional content and allegedly called her “dumb,” prompting Bosch to lead a walkout.

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He apologised after a tearful news conference, though his behaviour drew the attention of Mexican President Claudia Sheinbaum, who praised her compatriot for speaking out.

AFP

 

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How To Access Your Pension Before Retirement

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Under the National Pension Commission’s rules for the Contributory Pension Scheme, Nigerian workers may access part of their retirement savings while still employed, though only under specific conditions.

Under the scheme, both employers and employees contribute monthly to a Retirement Savings Account.

Normally, these savings are intended to provide a regular pension income at retirement; yet, certain circumstances enable early withdrawal.

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One such condition applies when a worker loses his job and remains unemployed for at least four months.

READ ALSO:VIDEO: Pastor Adefarasin Reacts To US Genocide Claims In Nigeria

In that scenario, the individual is eligible to withdraw up to 25 per cent of the balance in his RSA.

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To qualify, the worker must present a formal acceptance letter of resignation or disengagement issued by his employer.

According to PenCom’s Q4 2022 report, the commission “granted approval for the payment of N6.31 billion (being 25% of their RSA balances) to 9,966 RSA holders under the age of 50 years, who were disengaged from employment and unable to secure another job within four months.”

In addition to mandatory savings, employees can make voluntary contributions to their RSAs, which offer further flexibility but are subject to rules and taxes.

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Under current guidelines issued by PenCom, half of the voluntary contribution is classified as “contingent” (available for withdrawal), while the remaining 50 per cent is locked until retirement to supplement pension income.

Any withdrawal from this contingent portion is subject to income tax.

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PenCom’s guidelines for Voluntary Contributions stated, “In line with Clause 3.13 above, (50%) of every amount lodged as Voluntary Contribution shall be treated as ‘contingent’ and available for withdrawal by a contributor while the balance of 50% shall be treated as ‘fixed’ until retirement date.”

Informal-sector workers — self-employed individuals or those employed by very small firms — are covered under the Micro Pension Plan.

READ ALSO:Monarch’s Suspension Sparks Crisis In Delta

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The PUNCH reports that after at least three months of contributions, they may withdraw up to 40 per cent of their RSA savings, with the remaining 60 per cent reserved for retirement.

This option opens pension access to Nigerians who lack traditional formal retirement benefits.

Another available route is using RSA savings to fund the equity portion of a home mortgage.

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Under guidelines based on Section 89(2) of the Pension Reform Act 2014, eligible RSA holders may apply up to 25 per cent of their RSA balance to fund the equity portion of a home loan.

READ ALSO:Rivers Staff, Pensioners Audit Sparks Outrage

If they have made voluntary contributions, the “contingent” portion of those savings can also be tapped for the equity payment

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While these features enhance flexibility and support goals like home ownership, experts warn they come with trade-offs.

Early withdrawals reduce the funds available at retirement, which could lower the monthly pension stipends.

Many of those who access both job-loss withdrawals and mortgage-equity funds may end up with only a modest pension at old age.

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