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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:

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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.

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.

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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.

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.

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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.

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.

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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.

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.

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

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.

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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.

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

THEME AND PRIORITIES OF THE 2024 BUDGET

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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.

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.

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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.

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.

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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.

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.

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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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Firm Wants Attorney-General Investigate Court Ruling On Breach Of Contract

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The management of Fidken Multi Services Ltd., has called on the Attorney-General and Minister Justice, Lateef Fagbemi, SAN, to intervene on alleged judicial manipulation and connivance in a case between the firm and Togo Oil & Marine Ltd, also known as TOM, owneriof Vessel MV MONTY J & ANOR.

Fidken Multi Services Ltd. also called on the Chief of Naval Staff,
Vice Admiral Emmanuel Ikechukwu Ogalla, and Chief of Army Staff, Lieutenant General Olufemi Oluyede, to investigate and bring to justice their men who allegedly aided the escape of the vessel owned by a foreign firms despite a restraining order from the Court of Appeal Lagos.

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The Managing Director, Fidken Multi Services Ltd., Engr. Kennedy Fidelis, made the call on Wednesday in a statement made available to newsmen in Warri, Delta State.

According to him, his company, Fidken Multi Services hired the vessel for a period of Six (6) Months with a renewable agreement but unfortunately the vessel broke down after two weeks of delivery to Nigeria from Lome, Togo.

He named Socemet as Ship Brokers, that is, the company that connected his company with the ship owners.

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He noted that, rather than the owner-company to take up the responsibility of repairs as per contract agreement, TOM sent representatives to plead with the management of Fidken Multi Services Ltd to assist in fixing the vessel.

He said TOM, m during the plea, said that the company was bankrupt to foot the bill of the repair, just as the company promised to make a refund of any amount spent on the repair or make deduction during execution of the contract.

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The MD added that, the promise of refund or deduction during execution of the contract prompted his company to show concern and consequently took full responsibility of the repair.

According to him the breakdown of the vessel was already causing a lot of down time and draw back to his business.

READ ALSO: US Court Sentences Osun Monarch To Prison Over $4.2m Fraud

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He lamented that, however, immediately after the repair, the management of TOM first attempt was to put up the vessel for sale without his knowledge or any of his management staff.

Engr. Fidelis said this single act by TOM to sell out the vessel he repaired when it was down without his knowledge was a complete breach of the existing contract.

According to him, after several attempts to take away the vessel from him, they finally escaped with the vessel back to Lome, Togo, in spite of a restraining order by the Court of Appeal in Appeal No: CA/LAG/CV/991/2024.

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He narrated: “We approached the court to demand a full Bank guarantee of USD380,729.00 ,USD 1.080,000.00 and USD 659,555.00 to cover our total claims as pre Bond condition ordered by Appeal Court should they go away with the vessel. But surprisingly, the Federal High Court in its judgement awarded the Sum of USD380,729.00 only as a guarantee for the release of the vessel. This sum can only cater for a part of the expenses we have incurred in maintaining the vessel, so we approached the Court of Appeal, and a restraining order was immediately placed on the release of the vessel.

“But this foreign company, in connivance with security agents jettisoned the order and moved the vessel out of the country.

READ ALSO: FG Security Agency, Nigerian Army Move To Tackle Illicit Small Arms, Light Weapons

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“The judgment by the Federal High Court, was a surprise to us. We couldn’t believe that in spite of the evidence our legal team presented, the presiding judge could give such a judgement. And this is why we are calling on the Attorney-General to investigate this. Also, some security agents aided this company to escape with the vessel.”

Corroborating this, Comrade Omentan Parson, a human rights activist who said he has been following up the case since inception, said this was the fifth time the company attempted to escape with the vessel, lamenting that they eventually succeeded.

He alleged that this same foreign company, in order to escape with the vessel, used Nigerian security personnel to kidnap the security man in charge of the vessel, saying this matter of kidnap is about to be filed in the court too.

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It’s quite unfortunate that Nigerian security agents whose monthly pay is from tax payers (Nigerians) could be used by a foreign company against fellow Nigerians. This is very bad. They (security agents) aided every step of the vessel in making sure it escape from this country.

“I was by the Jetty in Port Harcourt where I saw security agents supervise the bunkering the vessel and provide an escort Gunboat with personnel in making sure she left the shores of Nigeria.”

Calls put across to the foreign contact of the Managing Director of TOM, Mrs Jessica Jones, by our correspondent did not connect neither did she reply to the SMS sent to her cellphone.

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FCT Court Summons Dino Melaye For Non-payment Of Over N500m Tax

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Former Senator representing Kogi West, Dino Melaye, has been summoned to the Federal Capital Territory Magistrate Court over alleged failure to pay his mandatory Personal Income Tax for 2023 and 2024.

The summons dated August 21, 2025, also included that an underpayment of taxes in 2020, 2021, and 2022 owed by Melaye requires him to appear before the Magistrate Court at Wuse Zone II, Abuja, on September 5, 2025.

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According to the FCT Internal Revenue Service, Melaye only paid N85,000.08 in 2019, N100,000.08 in 2020, N120,000 in 2021, and N1,000,000 in 2022, despite declaring much higher annual incomes.

It revealed that, for instance, in 2022, he declared an annual income of over N6.5 million.

READ ALSO:FCT Police Arrest Man Over Death Of 3-year-old Boy Who Drowned In Uncovered Septic Tank

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It was revealed that an administrative assessment for 2023 and 2024 was issued on May 23, 2025, but when Melaye failed to respond within 30 days, a notice of best judgment assessment was issued on June 23, 2025.

The notice outlined that Melaye’s total tax liabilities for 2023 and 2024 were assessed at N234,896,000.00 and N274,712,000.00, respectively.

The notice read, “Despite reminders and ample time provided, your non-compliance with Section 41 of the Act constitutes a breach of your obligations.

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“Consequently, the Federal Capital Territory Internal Revenue Service (FCT-IRS) has, in accordance with Section 54(3) of the Personal Income Tax Act, proceeded to raise a Best of Judgment Assessment in respect of your tax liabilities for the years under review.

READ ALSO:FCTA Local Contractors Protest Non-payment Of N5.2bn Bills

Accordingly, your tax liability has been assessed in the sum of N234,896,000.00 and N274,712,000.00 for the period of 2023 and 2024, respectively. The computation and assessment are attached for your action.

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“Please note that the Service has also identified income under declaration and under payment for the 2020, 2021 and 2022 years of assessment, during which payment of N1,000,000.00, N120,000.00 and N100,000.00 were made respectively. Notices of additional will be issued upon the conclusion of our review.

“Your are hereby informed that you have the right to object to this assessment within thirty (30) days from the date of receipt of this notice. Any objection must clearly state the grounds of your objection and be substantiated with relevant supporting documents.

“Failure to make payment or file objection within the stipulated period will result in the assessment being deemed final and conclusive, and recovery proceedings will be initiated without further notice,” the FCT-IRS said.

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FG Shuts Illegal Gold Mining Site In Abuja

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The Minister of Solid Minerals Development, Dele Alake, has directed mining marshals to seal an illegal gold mining site in Gwagwalada, Federal Capital Territory, to avert potential environmental hazards.

This was contained in a statement signed by the Special Assistant on Media to the Minister, Segun Tomori, on Wednesday.

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This follows an earlier operation on August 16, 2025, which led to the recovery and sealing of another site around the District 2 Extension layout in Gwagwalada, where 16 suspects were arrested.

Authorities confirmed that the suspects will be prosecuted soon.

READ ALSO:FG Shuts 22 Illegal Tertiary Institutions

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He said, “Following reports of illegal gold mining in the Gwagwalada area of the Federal Capital Territory, the Minister of Solid Minerals Development, Dele Alake, has directed the mining marshals to seal off the site to mitigate potential environmental hazards.”

Preliminary findings revealed that artisanal miners invaded the Gwagwalada area after a gold vein was accidentally discovered during the digging of a soakaway pit near a residential property.

The latest incident occurred on farmland behind CKC in Gwagwalada.

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Upon receiving intelligence on renewed unlawful mining activity, “Alake promptly ordered the deployment of mining marshals to secure the site,” the statement read.

READ ALSO:FG Security Agency, Nigerian Army Move To Tackle Illicit Small Arms, Light Weapons

During an on-the-spot assessment on Wednesday, officials of the ministry led by the Director of Mines Inspectorate, represented by the Deputy Director, Sunday Okhuoya, “expressed satisfaction with the level of compliance with the minister’s directive, disclosing that relevant departments of the ministry have launched a thorough investigation to unravel the root of these incidents whilst recommending measures to prevent a recurrence.”

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Commander of the Mining Marshals, Assistant Commandant of Corps John Onoja, confirmed that “his team has established 24-hour surveillance over both affected sites, pending the outcome of the Federal Government’s ongoing inquiry.”

Alake, cautioning residents to steer clear of the areas, reiterated the Federal Government’s resolve to eradicate illegal mining activities nationwide.

He also disclosed that the ministry was fast-tracking the deployment of satellite surveillance technology to monitor mining operations and strengthen enforcement capacity.

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