Experts Chart Economic Course as President Tinubu Signs 2024 Budget

Economic experts have outlined key priorities for the federal government following President Bola Ahmed Tinubu’s signing of the N28.78 trillion 2024 budget. The Lagos Chamber of Commerce and Industry (LCCI) emphasizes the need for private sector investment in the power sector, urging a focus on transmission to boost economic growth. Director-General of LCCI, Chinyere Almona, also highlights the importance of addressing the structure of the power sector and cautions that agricultural investments may falter without addressing insecurity.

Adewale-Smart Oyerinde, Director-General of the Nigeria Employers’ Consultative Association (NECA), advocates for fiscal discipline and addressing the multiplicity of taxes paid by manufacturers. Professor Adeola Adenikinju urges the government to boost oil revenue by blocking leakages and addressing oil theft, emphasizing the importance of domestic production and focusing on areas such as electricity, food security, and inflation.

Economist Paul Alaje emphasizes the need for federal and state governments to remove barriers to investments in 2024, calling on governors to actively promote their states for investments. Afrinvest’s 2024 outlook emphasizes the importance of ongoing reforms, improving the business environment, enhancing national security, and narrowing structural gaps for positive economic outcomes.

Meanwhile, the Peoples Democratic Party (PDP) demands a comprehensive account of the nation’s earnings, especially from the removal of the petroleum subsidy. The Labour Party (LP) criticizes President Tinubu’s New Year speech, alleging hypocrisy and lack of empathy, particularly regarding the Christmas Eve massacre in Plateau State.

After signing the budget, President Tinubu assures efficient implementation, highlighting the prioritization of defense and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security. Tinubu also underscores the commitment to enhancing investment promotion and reforms in the Nigerian judiciary.

As Nigerians express concerns, a trader in Kano urges the government to address inflation, a farmer in Katsina emphasizes the need for security, and residents in Ogun and Lagos call for practical actions and provision for the less privileged and SMEs.

The 2024 budget, with a focus on growing the economy, includes key estimates of capital expenditure, recurrent expenditure, debt service, and statutory transfers. Notably, the judiciary receives increased funding, reflecting efforts to support a just, rules-based society.