The Ogun State Government and the Organised Private Sector (OPS) have concluded plans to sign a Memorandum of Understanding (MoU) on the construction of the Olokola Deep Seaport located in Ogun Waterside Local Government Area of the state.

Governor Dapo Abiodun made this known during a breakfast meeting with Chief Executive Officers of the OPS in Abeokuta, the state capital, on Wednesday.

Governor Abiodun noted that the construction of the Olokola seaport would provide another opportunity for companies in the state to move their goods and equipment in addition to the Gateway Agro-Cargo International Airport, which is almost on completion stage, and the planned Dry port to be located at Kajola, an outskirt of the state capital.

Prince Abiodun said: “I want to share with you the fact that whilst we are talking about our road, rail and air transport, we will be signing very soon a Memorandum of Understanding with the private sector players for the construction of our seaport in Olokola.

“This is another giant step to ensure that we enable businesses to continue to thrive in our state.”

The governor said that his administration is working towards putting an end to the multiplicity of taxes in the state, adding that the reforms already put in place by the Ogun State Inland Revenue Service would definitely put pay to the issue.

He also urged businesses to patronize government whenever they are in need of land, saying that all land belonged to the government.

“On the harmonization of taxes, we have put in a lot of reforms on our Inland Revenue Service.

“Be rest assured, be patient with me, slowly and surely, we will remove all these multiplicities of taxes.

“We are also concerned about our physical planning as well. The lands department and physical planning are now working collaboratively to ensure that all the problems we have had in the past are resolved.

“All lands belong to the government. My advice to you is that if you want to buy land, come to the state. We have ensured that any land to be sold to you is properly enumerated and compensated.

“So, please, I want to discourage all of us to desist from buying land from land speculators,” he said.

Abiodun said that his administration would be distributing 5,000 Certificates of Occupancy (CofO) this Friday.

According to him, the state is now at a vantage position to continue to issue out Certificate of Occupancy to subscribers with a newly acquired equipment that can sign 1000 CofOs daily.

Abiodun called on the OPS in the state to give back to their various host communities by either taking advantage of the state government adopt a school or primary health care center project.

The governor spoke on the importance of businesses imbibing the culture of technology transfer, which would further assist the country to move forward technologically.

He reiterated the commitment of his administration to ensure steady and uninterrupted power supply soon through the Ogun Light Up Project.

The governor noted that his administration deliberately laid a lot of emphasis on reconstructing roads that connect the Ogun with other states of the country, especially Lagos, the economic capital of the country.

While commending the OPS for joining hands with his administration at repositioning its security architecture through the rejigging of the Ogun State Security Trust Fund, Governor Abiodun added that his administration would continue to do all it can to make the state the safest place to live, work or play.

Earlier in his address, Commissioner for Industry, Trade and Investment, Mr Adebola Sofela assured that the state government would continue to create an enabling environment for businesses to thrive.

He said the present administration would continue to partner with industries in the state with a view of propelling the common interest of both the government and industries to greater heights

Also speaking, Ogun State Chairman of the Manufacturers Association of Nigeria (MAN), Chief George Onafowokan, acknowledged the position of the state as the best place for industries to thrive.

He, however, called on the state government to continue to work towards ensuring that the enablers for businesses to thrive are readily made available in the state.

Speaking on behalf of the Agbara Cluster, the Director of African Industry Group, Chief Sohan Baghla disclosed that they have being able to provide over ten thousand jobs for the people of the state, adding that a greater percentage of their investments are in steel production and processing, aluminium production and processing, glass, chemicals, steel rolling mills, all situated in the Agbara business cluster.

President Bola Tinubu, on Wednesday, presented the 2024 appropriation bill before a joint session of the National Assembly.

See full text of President Tinubu’s speech at the budget presentation

[FULL 2024 BUDGET SPEECH]

Budget of Renewed Hope

Delivered By:

His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR

President, Federal Republic of Nigeria

At the Joint Session of the National Assembly, Abuja

Wednesday, November 29, 2023

— The Vice President, Senator Kashim Ibrahim Shettima, GCON

— The Senate President, Distinguished Senator Godswill Akpabio, GCON

— The Right Honourable Speaker, Tajudeen Abbas

— APC National Chairman, His Excellency, Abdullahi Umar Ganduje

— Executive Governors here present

— Distinguished Leaders and Members of the National Assembly

— Secretary to the Government of the Federation

— Chief of Staff to the President

— Other Senior Government Officials here present

— Gentlemen of the Press

— Ladies and Gentlemen

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.

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.

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.

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

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 relative low rate has significant implications for our economy due to our current reliance on importation.

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

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.
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.

PERFORMANCE OF THE 2023 BUDGET

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

THEME AND PRIORITIES OF THE 2024 BUDGET

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

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.

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.
To improve the effectiveness of our budget performance, 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.

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.

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.

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.

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.

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 position Nigeria as a regional leader in the global movement towards clean and sustainable energy.

As we approach COP 28 climate summit, a pivotal moment for global climate action, I have directed relevant government agencies to diligently work towards securing substantial funding commitments that will bolster Nigeria’s energy transition.

It is imperative that we seize this opportunity to attract international partnerships and investments that align with our national goals. I call upon our representatives to engage proactively to showcase the strides we have made in the quest to create an enabling environment for sustainable energy projects.

Together, we will strive for Nigeria to emerge from COP 28 with tangible commitments, reinforcing our dedication to a future where energy is not only a catalyst for development but also a driver of environmental stewardship.

Distinguished members of the National Assembly, the revised 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sets out the parameters for the 2024 Budget.
After a careful review of developments in the world oil market and domestic conditions, we have adopted a conservative oil price benchmark of 77.96 US Dollars per barrel and daily oil production estimate of 1.78 million barrels per day. We have also adopted a Naira to US Dollar exchange rate of 750 naira per US Dollar for 2024

Accordingly, an aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira.

Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.

Budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023 which represents 6.11 percent of GDP.

The deficit will be financed by new borrowings totalling 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds and 1.05 trillion naira drawdown on multilateral and bilateral loans secured for specific development projects.

Our government remains committed to broad-based and shared economic prosperity. We are reviewing social investment programmes to enhance their implementation and effectiveness. In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households. In addition, efforts will made to graduate existing beneficiaries toward productive activities and employment.

We are currently reviewing our tax and fiscal policies. Our target is to increase the ratio of revenue to GDP from less than 10 percent currently to 18 percent within the term of this Administration. Government will make efforts to further contain financial leakages through effective implementation of key public financial management reforms.

Distinguished Senators and Honourable Members, in view of the limited resources available through the federal budget, we are also exploring Public Private Partnership arrangements to finance critical infrastructure

We, therefore, invite the private sector to partner with us to ensure that our fiscal, trade and monetary policies, as well as our developmental programs and projects succeed in unlocking the latent potential of our people and other natural endowments, in line with our national aspirations.
Distinguished Senators and Honourable Members, this Budget presentation would be incomplete without commending the patriotic resolve of the 10th National Assembly to collaborate with the Executive on our mission to renew hope and deliver on our promises to the Nigerian people. I assure you of the strong commitment of the Executive to sustain and deepen the relationship with the National Assembly.

As you consider the 2024 Budget estimates, we trust that the legislative review process will be conducted with a view to sustaining our desired return to a predictable January-December fiscal year.
I have no doubt that you will be guided by the interest of all Nigerians. We must ensure that only projects and programs with equitable benefits are allowed into the 2024 Budget. Additionally, only projects and programs which are in line with the sectoral mandates of MDAs and which are capable of realizing the vision of our Government should be included in the budget.

As a Government, we are committed to improving the lot of our people and delivering on our promises to them. The 2024 Budget has the potential to boost performance, promote the development of Micro, Small and Medium-sized Enterprises, enhance security and public safety, and improve the general living conditions of our people.

In closing, I am confident that these budgetary allocations and directives will set Nigeria on a transformative path towards a sustainable and resilient energy future, fostering economic growth, job creation, and environmental preservation.

It is with great pleasure, therefore, that I lay before this distinguished Joint Session of the National Assembly, the 2024 Budget Proposals of the Federal Government of Nigeria, titled The Renewed Hope Budget.

I thank you most sincerely for your attention. May we collectively chart the course towards a brighter and cleaner future for our great nation.

May God bless the Federal Republic of Nigeria

President Bola Tinubu has said that Nigeria’s national defence and internal security, local job creation, macro-economic stability, investment environment optimisation, human capital development, poverty reduction, and social security are some of the top priorities of the 2024 Budget of Renewed Hope.

The President told a joint session of the National Assembly on the 2024 Federal budget proposal on Wednesday in Abuja that the nation’s internal security architecture would be overhauled to enhance law enforcement capabilities with a view to safeguarding lives, property, and investments across the country.

He said the proposed budget prioritises human capital development, with particular attention given to children, because human capital remains the most critical resource for national development.

“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.

“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”, the President said.

On the economy, he said that a stable macro-economic environment is crucial in his administration’s bid to catalyse private investment and accelerate economic growth; hence, his government shall continue to implement business and investment friendly measures for sustainable growth.

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

“Emphasising 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 position Nigeria as a regional leader in the global movement towards clean and sustainable energy.

“As we approach the COP28 climate summit, a pivotal moment for global climate action, I have directed relevant government agencies to diligently work towards securing substantial funding commitments that will bolster Nigeria’s energy transition. It is imperative that we seize this opportunity to attract international partnerships and investments that align with our national goals. I call upon our representatives to engage proactively to showcase the strides we have made in the quest to create an enabling environment for sustainable energy projects.

“Together, we will strive for Nigeria to emerge from COP28 with tangible commitments, reinforcing our dedication to a future where energy is not only a catalyst for development but also a driver of environmental stewardship”, President Tinubu said.

He said that a conservative oil price benchmark of US$77.96 per barrel, and a daily oil production estimate of 1.78 million barrels per day were adopted after a careful review of global oil market trends, and that a Naira to US$ exchange rate of N750 per US$ was adopted for 2024 as well.

Giving a breakdown of the 2024 Appropriation Bill, the President said: “Accordingly, an aggregate expenditure of N27.5 trillion is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is N9.92 trillion, while debt service is projected to be N8.25 trillion and capital expenditure is N8.7 trillion. Nigeria remains committed to meeting its debt obligations. Projected debt service is 45 per cent of the expected total revenue.

“The budget deficit is projected at N9.18 trillion in 2024 or 3.88 per cent of Gross Domestic Product (GDP). This is lower than the N13.78 trillion deficit recorded in 2023, which represented 6.11 per cent of GDP. The deficit will be financed by new borrowings totaling N7.83 trillion, N298.49 billion from privatisation proceeds, and N1.05 trillion drawn down on multilateral and bilateral loans secured for specific development projects.”

President Tinubu said his administration remained committed to broad-based and shared economic prosperity, adding: “We are reviewing social investment programmes to enhance their implementation and effectiveness. In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households”.

He also said efforts would be made to further contain financial leakages through the effective implementation of key public financial management reforms.

The President commended the patriotic resolve of the 10th National Assembly to collaborate with the Executive on the mission to renew the hope of Nigerians and deliver on the promises made to Africa’s largest population.

“As you consider the 2024 Budget estimates, we trust that the legislative review process will be conducted with a view to sustaining our desired return to a predictable January – December fiscal year. I have no doubt that you will be guided by the interest of all Nigerians.

“We must ensure that only projects and programs with equitable benefits are allowed into the 2024 Budget. Additionally, only projects and programs that are in line with the sectoral mandates of MDAs (Ministries, Departments and Agencies), and those which are capable of realising the vision of our administration should be included in the budget”, President declared.