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The World Bank says poverty rate in Nigeria has increased to 46 percent in 2023, representing 104 million poor Nigerians.
This was disclosed in World Bank’s Nigeria development update titled ‘Turning the corner: From reforms & renewed hope, to results,’ on Wednesday.
World Bank said Nigeria’s poverty rate rose from 40 percent in 2018 to 46 percent this year, as the number of poor people increased from 79 million to 104 million.
According to the report, more people have fallen below the poverty line due to sluggish growth and rising inflation.
“Sluggish growth and rising inflation have increased poverty from 40 percent in 2018 to 46 percent in 2023, pushing an additional 24 million people below the national poverty line,” World Bank said.
The report said the number of poor people in urban areas — more exposed to inflation — increased from 13 million to 20 million, while the number of poor people in rural areas rose to 84 million from from 67 million within the same period.
The reforms undertaken by President Bola Tinubu are ending petrol subsidy in May and devaluation of the naira by shifting to a unified, market-reflective foreign exchange (FX) rate in June.
World Bank said the reforms were essential for Nigeria to avoid a fiscal cliff and enable faster growth even though they brought difficult economic adjustments.
“Since May, retail gasoline prices have increased by an average of 163 percent and the Nigerian naira (N) has depreciated against the US dollar by 41 percent in the official market and by 30 percent in the parallel market,” World Bank said.
“The sharply higher price of gasoline and other imported goods has contributed to inflation, which increased from already elevated levels to 27.3 percent year-on-year (you) in October.”
On Wednesday, Alex Sienaert, the bank’s lead economist for Nigeria, said the country’s petrol should be priced at N750 per litre in filling stations based on present official exchange rate, not N650.
When Sodiq Ajibade in a Reuters report emerged from a Lagos pharmacy holding asthma medication, one drug on his prescription was missing because he did not have the money to buy it.
The price of some medicines has risen almost tenfold in Nigeria in the past few months, forcing patients like Ajibade to cut his dose or turn to traditional alternatives.
Pharmaceutical industry officials said the plunge in the value of the naira after the removal of currency controls in June has sent prices of new stocks rocketing.
British drug maker is moving from GSK-controlled local operating companies in Nigeria to a third-party direct distribution model. Some industry officials said this was also adding to woes, which GSK denied.
"I used to buy three medicines prescribed to me but now I have reduced to two, that is penicillin and aminophylline," said Ajibade.
Research firm Statista says only 3% of Nigerians have health insurance, meaning patients must find the money themselves to buy medication.
Nigeria's health ministry and National Agency for Food and Drug Administration and Control did not respond to requests for comment.
A GSK spokesperson said foreign currency shortages had affected GSK's ability to maintain consistent supply of medicines and vaccines in the market, leading to stockouts.
"The price increases we are seeing in Nigeria are not as a result of the decision to change the business model, and we regret that market forces outside our control have impacted the price of remaining stock in the market," the spokesperson said.
Cyril Usifoh, president of the Pharmaceutical Society of Nigeria said most drugs were imported while local makers relied on imports for the pharmaceutical ingredients to produce medicines.
The naira has lost half its value since June, raising prices of everything from pain killers to drugs for chronic disease.
A Seretide asthma inhaler manufactured by GSK, for example, cost up to N8,000 ($9.42) in April but now retails for up to N70,000. Antibiotics like augmentin cost as much as N25,000, up from N4,500 in July.
"I am particularly worried about things like cancer drugs, anti-hypertensive drugs, diabetic drugs. The price has been astronomical," said Usifoh.
"If you have two, three drugs on your prescription you may find that you don't have enough money to buy all of them."
Faced with such high costs, 43-year-old Kano farmer Ubaidullah Nuhu Yusuf said he was resorting to traditional cures.
"By boiling guava and pawpaw leaves .. and inhaling the steam, this has proven effective to curing malaria and typhoid since affording an injection and buying the drugs is a problem," he said.
There was pandemonium at the Edo Specialist Hospital in Benin, when members of the Nigerian Security and Civil Defence Corps and officers of the Department of State Services (DSS) on Monday, engaged in a confrontation, which left people injured.
The altercation purportedly started when DSS officials brought in one of their men who had collapsed during a meeting in their office, and the medical staff were alleged to have reacted in an unprofessional manner.
It was gathered that calm was only restored with the help of the Chief Security Officer of Government House and the police, who were called from the Oba Market Police Station.
At the end of the chaos, several people, including private security guards and female NSCDC personnel were injured.
An official of the DSS said: “We were in a meeting when the person we brought to the hospital slumped, and he was rushed to our health facility to check his pulse. We then rushed him to the Edo Specialist Hospital, which is the closest to our office, but the reception we got there was poor.
“It was our people that had to bring our colleague down from the vehicle. When you go to the hospital, courtesy demands that you bring the patient down and attend to him or her; at least show commitment, but right in the car, they said they cannot carry him and we have to carry him down ourselves.”
However, when contacted, Dr. David Odiko, the Medical Director of the hospital, stated that although the DSS staff refused to acknowledge the patient’s death, the attending physician had swiftly attended to him.
He said: “I was not in the hospital when the incident happened because I was in the court for a case. It was from there that they called me, and when I got to the hospital, they had left, but I met policemen on the ground.
“They brought him as an emergency case. He was said to have slumped, and the doctor on duty went to check, and he said he met the guy lying on the seat of the car and that the patient wasn’t breathing.
“He couldn’t see the chest and abdomen moving, then he proceeded to check if there was still a pulse and heartbeat which were also absent. He said he still proceeded to do CPR, but there was no response.
“The diagnosis the doctor made was that he was brought in dead, and they said they were not going to take that, and they moved him into our facility and dropped him on the floor. I was told that another group of personnel injured the Civil Defence personnel that was on duty on her head.”
The death toll in the bombing of civilians by the Army at Tudun Biri Village in Igabi Local Government Area of Kaduna has risen to 80.
Governor Uba Sani ordered investigations into the attack which took place on Sunday night while Muslims were celebrating Maulud Nabbiy with more than 50 others injured.
Residents told newsmen on Monday that bombs were dropped on their community by a Nigerian Air Force fighter jet but the Air Force denied involvement in the attack.
NAF, in a statement by its spokesman, Air Commodore Edward Gabkwet, said: “The news making the rounds alleging that Nigerian Air Force (NAF) aircraft accidentally killed innocent civilians in Kaduna is false. Please be informed that the NAF has not carried out any air operations within Kaduna State and environs in the last 24 hours. Also, note that the NAF is not the only organization operating combat armed drones in the North western region of Nigeria.
“It is also important to ensure that due diligence is always exhausted by the media before going to press with unverified and unconfirmed reports.”
Commissioner Overseeing the Ministry of Internal Security and Home Affairs,Samuel Aruwan subsequently announced the Army was responsible for the accidental bomb attack in its routine campaign against terrorists in the area.
Aruwan, in a statement, after from the state security council meeting said the General Officer Commanding 1 Division Nigerian Army, Major General Valentine Okoro explained the circumstances that led to the unfortunate attack.
He said: “The Kaduna State Government has received briefings on Sunday night’s attack which left several citizens dead and others injured.
“In a meeting presided over by the Deputy Governor, Dr Hadiza Sabuwa Balarabe, which had in attendance heads of security agencies, religious and traditional leaders, the Nigerian Army explained the circumstances which led to the unfortunate and unintended attack.
“The General Officer Commanding One Division Nigerian Army, Major General VU Okoro explained that the Nigerian Army was on a routine mission against terrorists but inadvertently affected members of the community.
“The Deputy Governor at the end of the closed door meeting, conveyed the condolences of the Government and People of Kaduna State to the families that lost their loved ones, and prayed for the repose of the victims’ souls.
“As of the time of this update, search-and-rescue efforts are still ongoing, as dozens of injured victims have been evacuated to Barau Dikko Teaching Hospital by the Government.
“Heads of security agencies who attended the meeting include the Commissioner of Police, MY Garba, and Director of the Department of State Services (DSS) Abdul Eneche.
“The Chairman of the Kaduna State Chapter of Jam’atu Nasril Islam (JNI) Professor Shafi’u Abdullahi, led other religious leaders. Also present at meeting was the District Head of Rigasa, Alhaji Aminu Idris in whose domain the incident occurred.”
Reports have it that newsmen who visited the Accident and Emergency section of Barau Dikko Teaching Hospital, Kaduna where survivors were being treated, reported that over 50 injured patients were being attended to while those with severe cases had been taken to the theatre.
It was also observed majority of those injured were children and women..
A competent source from the local government who pleaded anonymity confirmed that not less than 80 persons were killed when the bomb was dropped while those injured are 53.
In a statement he signed Governor Uba Sani directed immediate probe of the tragic incident and declared that the State Government will foot the medical bills of injured.
According to him: “I received with shock news of the tragic incident at Tudun Biri village, Afaka ward of Rigasa District of Igabi Local Government, where Muslim faithful observing Maulud celebration were mistakenly killed and many others injured following a military drone attack targeting terrorists and bandits.
“Search and rescue operations in the area are ongoing.
“The State Government has dispatched top government officials to the area to assess the situation, reach out to the families of the victims and advice the government on the immediate actions/measures to be taken to lessen the pains of the families of the victims.
“I have ordered immediate investigation into the tragic incident. We are determined to prevent a repeat of this tragedy and reassure our people that their protection would be prioritized in the sustained fight against terrorists, bandits and other criminal elements.
“I have also directed the immediate evacuation of the injured to the Barau Dikko Teaching Hospital for emergency medical attention. The Government will be responsible for their treatment and related logistics.
“I appeal to the affected community, and all citizens to keep calm and continue to support the security forces and the state government in our battle against terrorists, bandits, kidnappers and other criminal elements in Kaduna State.
“I am in consultation with the security forces to ensure that such mistakes are avoided in future operations.
“On behalf of the Government and People of Kaduna State, I wish to express our heartfelt sympathies to the families who lost their loved ones. May Allah in his mercy grant all of the victims Aljannah Firdausi, and their families the fortitude to bear these irreparable losses. Our heartfelt commiserations also go to those that sustained injuries. We wish them speedy recovery.”
Meanwhile, authorities of the Nigerian Army has taken responsibility for the Sunday night bomb attack which led to the killings of dozens of civilians at Tudun Biri village in Igabi local government area of Kaduna state.
The Army said the unfortunate attack was an unintended attack that happened during its routine mission against terrorists on the axis.
This was disclosed in a statement issued by the overseeing commissioner of the Ministry of Internal Security and Home Affairs, Kaduna state, Samuel Aruwan, after the state’s Security Council meeting on Monday, December 4.
Aruwan said that during the meeting which had in attendance; heads of security agencies, Islamic clerics, and traditional rulers, the state government received briefings on the Sunday night attack.
“The General Officer Commanding One Division Nigerian Army, Major General VU Okoro, explained that the Nigerian Army was on a routine mission against terrorists but inadvertently affected members of the community.
The Benue State House of Assembly has suspended four of its members for a period of three months for allegedly constituting a clog in the smooth running of the House.
The members were suspended on Monday during plenary after a motion for their suspension was moved by the majority leader of the House, Mr. Saater Tiseer, and seconded by Mr. Peter Ipusu representing Katsina-Ala West State constituency.
It was gathered that the suspension of the lawmakers may not be unconnected to the crisis that is rocking the ruling All Progressives Congress, APC, in the state.
The suspended members were said to belong to the G-22 group of lawmakers most of who boycotted today's sitting after earlier reporting for the day's plenary.
The Speaker said the lawmakers were "suspended for three months for constituting a clog in the way of the smooth running of the legislative business of the House."
The effected lawmakers were, Mr. Solomon Gyila, representing Gwer West State Constituency, Douglass Akya of Makurdi South, Dyako Ashwa of Konshisha state constituency, and Anthony Agom of Okpokwu state Constituency.
Meanwhile, the House also confirmed Governor Hyacinth Alia's nominees for the Local Government Caretaker Committee.
The confirmation of the nominees was done through a voice question put by the Speaker, Mr. Aondona Dajoh and the House in a voice vote confirmed 21 of the nominees while two were rejected by the House.
The nominees whose candidacy failed to get the nod of the Assembly were those of Agatu and Oju Local Government Areas, LGAs.
The Minority Leader of the Ogun State House of Assembly, Hon Lukman Adeleye says Nigeria must promote its cultural heritage to enhance its foreign exchange capacity.
He stated this at the annual Odogbolu day, where he instituted a yearly cash prize to promote the beautiful culture and traditional heritage of the Ijebus, in Odogbolu local government area of the State.
The legislator, who observed that the Nation is blessed culturally and historically said we must do everything not to lose our identity.
According to him, "the nation is blessed with diversed cultural heritage which must be tapped into, and use to attract tourists into the country".
"Look at the way everyone is gaily dressed, look at the joy in our faces, look at the happiness even at a time like this when things are hard in the country. This shows we are, a people with identity, traditions, behavioural pattern and cultural values which must attract people", Adeleye said.
Hon. Adeleye urged the private sector to invest and repackage various traditional festivities and promote the Nation's culture to serve as a great foreign exchange earner.
He commended the people of Odogbolu for the successful hosting of this year's Odogbolu day and promised to continue to represent them well at the State Assembly.
The management of Gateway Polytechnic, Sapaade, Remo North local government area of Ogun State has shutdown the institution, following incessant robbery attacks on students of the institution.
The management directed the students to stay out of school for the next two weeks.
It would be recalled that armed robbers had been attacking students of the polytechnic, dispossessing them of their valuables and also raping the females students.
In the latest robbery incident, a student was killed while about nine others were injured.
In all, the robbers in the last two weeks have carried out more than three attacks on students and residents of Isara, Ipara and Ode communities.
The situation has however forced the management to shutdown the school, pending when normalcy is restored.
In a memo obtained by newsmen and signed by the Acting Registrar of the Polytechnic, J. O. Popoola, the school management announced the introduction of online classes for the students who just resumed for 2023/2024 academic session.
The memo reads, “I have the directive of management to inform all students in the polytechnic that all physical lectures have been suspended on campus for the next two weeks with effect from Monday, 4th December, 2023.
“In view of this development, all students are to note that online lectures have commenced with immediate effect, therefore students are directed to join online classes in order to continue lectures for the current semester.
“To this end, all students are to steer clear the polytechnic premises till physical lectures resume again at a date that will be communicated soon.”
.. says prioritising agriculture will reduce poverty
The Deputy Minority Leader of the Ogun State House of Assembly, Hon. Lukmon Atobatele says prioritising and giving full support to agriculture would drastically reduce poverty in the Nation.
He stated this in Abeokuta during an interview session organised to choose qualified farmers that would benefit from his training and empowerment scheme.
Hon. Atobatele said the training and empowerment scheme is part of his electioneering promise to support his constituents.
According to him, "The essence of the interview is to ensure we train and empower those who are genuine farmers and who truly would create multiplier effects. we are starting with agriculturists to be able to produce more food and as well reduce unemployment".
Hon. Atobatele who is representing Abeokuta South State Constituency 1, said, "the agricultural empowerment scheme would commence in January 2024, while successful candidates would be trained in a fully consolidated modern farm for ninety days".
" We have interviewed about 140 people who showed interests, and so far 64 candidates have been picked. Of course we would do more phases of the programme but we are starting with this number for now, he said.
A Deputy Director of the ministry of Agriculture in Ogun State, Mr Jamiu Ismail who was part of the team of experts on ground, commended the Deputy Minority Leader for the initiative saying "this is a good effort to create job opportunities and enhance food production in the Country".
A member of the House of Representatives, Yusuf Galambi, has accused President Bola Tinubu of presenting ’empty’ boxes supposedly containing the 2024 budget to the joint session of the National Assembly, a Premium Times report says.
Galambi, a member of the New Nigeria Peoples Party (NNPP) representing Gwaram federal constituency of Jigawa State, made the allegation during an interview with BBC Hausa Service on Friday.
The lawmaker, in the interview, said Tinubu read out his budget speech including proposals for sectors but did not give the lawmakers the documents as was the tradition by previous presidents.
The president, on Wednesday, presented the N27.5 trillion proposed budget for 2024 to the joint session of the National Assembly co-chaired by the Senate President, Godswill Akpabio, and the Speaker of the House of Representatives, Abbas Tajudeen.
Christened ‘Budget of Renewed Rope’. the proposal was designed to address economic growth, human capital development, poverty reduction and insecurity, according to Mr Tinubu.
Procedurally, after reading his budget speech, Tinubu laid two boxes containing the budget documents on the table in front of the presiding officers.
The boxes had the colour of the Nigerian national flag of green-white-green.
Both chambers read the budget for the first time on Wednesday shortly after Tinubu presented it.
They also passed the document for a second reading on Friday after two days of debate and subsequently referred it to their committees on appropriation.
Empty boxes
Galambi said the boxes Tinubu ‘bowed’ and kept for the lawmakers were empty.
“The president read out to us his speech on the proposed budget but we’ve not seen the document to work on.
“Of course, he read the estimates for the various sectors. But as it has always been the tradition, a document is always presented (to the lawmakers) but he (Tinubu) didn’t do that,” he said.
When the BBC reporter insisted that the president was seen laying the “document”, Galambi said when the lawmakers checked they couldn’t find anything in the boxes laid by Tinubu.
“We’ve checked but there was nothing inside. We checked it. In the history of the National Assembly, this was the first time such a thing happened.
“The constitution has made it clear (that a document must be presented) but this time, it was only a reading on paper. They didn’t provide the document for us to go through and see what is proposed for each sector. Maybe they’ll bring it later,” Galambi said.
The opposition lawmaker, who was first elected into the House in 2007, said the decision by Tinubu to present empty boxes surprised the lawmakers because “we never expected it even in our wildest dreams.”
Galambi accused the president of deceit.
“If he (Tinubu) was not ready, if the budget proposal was not ready to be presented, he shouldn’t have come and said he was done. We could have given him more time, why the haste? Why would he come and read something and even say he has kept it (document) when it’s empty,” he said.
Cover up
The lawmaker alleged that the leaders of the National Assembly are covering up Tinubu’s act.
“They (leaders of the National Assembly) don’t want anyone to talk about it. Maybe they were not informed or were possibly aware of what was planned and they decided not to inform us,” he said.
When contacted, Senior Special Assistant to the President on Print Media, Abdulaziz Abdulaziz, said the allegation was aimed at misleading the public.
“It’s a nonsensical allegation aimed to mislead. The president is never expected to present the whole haul of heavy documents. What happened at the laying is like the presentation of dummy cheques at award ceremonies. The real thing always follows,” Abdulaziz said in a WhatsApp message sent to PREMIUM TIMES on Friday.
Nigeria’s manufacturing activity shrank for the second straight month in November, affected by rising price levels that kept customers at bay.
This is contained in the Stanbic IBTC Bank Nigeria Purchasing Manager Index (PMI) released Friday.
PMIs track the prevailing direction of economic trends in manufacturing and service sectors, providing credible data on business conditions to analysts, decision-makers and investors.
A reading above 50 indicates an improvement, while that below that threshold means a contraction.
The report said Friday that the country’s PMI for November was 48, down from 49.1 the month before.
New orders and output both receded in the face of surging purchase prices, which accelerated at the quickest rate in two years, spurred by exchange rate volatility and jumps in fuel and material costs.
All that happened as Nigeria’s inflation hit its most elevated level in 18 years, setting business activity up for its sharpest decline since the cash crunch early in the year.
“The heightened inflationary environment appears to depress consumer demand considerably as lack of customers was a reason for the reduced output,” Muyiwa Oni, head of Equity Research West Africa at Stanbic IBTC Bank, said.
“Sharp increases in prices deterred clients from making new orders during November. As a result, new business decreased for the second consecutive month.”
Wholesale and retail companies were most hurt by the slump. Meanwhile, agriculture was the only sector that reported an expansion in output.
Companies jacked up selling prices significantly again apparently in response to soaring input costs, passing costs on to customers. That could increase the inflation rate for the month further when the consumer price index is issued later in December.
Stanbic IBTC Bank Nigeria PMI observed that roughly half of the purchasing managers it surveyed increased their charges during the month.
Business confidence was at its lowest ebb since July, caused by anxieties around the effects of inflationary pressure on demand.
On the upside, staffing levels increased for the seventh successive month in November.
“Wages also increased as companies looked to help staff with higher living and transportation costs,” the document said.
Another bright spot was that business investment and plans to start new plants strengthened the hope that output would improve in the year ahead.
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Naira dropped to a record low against the dollar on Friday on the official market, close to the rate at which it trades on the unofficial parallel market.
The currency of Africa's biggest economy fell as low as N1,160 to the dollar, LSEG data showed, before recovering to around 800 naira.
The naira's official exchange rate has been drifting towards the parallel market level as the Central Bank of Nigeria is yet to clear outstanding foreign-currency amounts owed in forward deals.
Last week, CBN Governor Olayemi Cardoso said he would allow market forces to determine exchange rates while setting clear, transparent and harmonised rules governing market operations.
The currency sold at around 1,165 naira on the parallel market on Friday.
It has been revealed that the daredevil robbers, who attacked a mini bullion van belonging to the Ogun State Government on Wednesday, made away with a total of One Hundred and Twelve Million, Three hundred and Thirty Five Thousand Naira (N112, 335, 000).
Reports gathered by the Nigerian Newstrack revealed that the money included a cash of N97.335 million withdrawn from an Abeokuta branch of Fidelity Bank and another cash of N15million collected from Sterling Bank, also in Abeokuta.
A police signal seen by the Nigerian Newstrack, indicates that a police Inspector, Rasheed Adegbite, who was attached to the SPU and was supposed to be with the bullion van travelled without permission.
Adegbite, who was said to have travelled, on Tuesday, to Igbo-Ora in Oyo State, according to the signal, has been arrested for interrogation.
Another source however said Inspector Adegbite took permission from the deceased DFA before traveling to Oyo State.
Adegbite was said to have informed the DFA to contact him if his service was needed, in order to contact other team members in the SPU.
These revelation could not be verified, as at the time of filling this report.
While Nigerian Newstrack could not ascertain whether the huge cash was in connection with the 2024 budget presentation by Governor Dapo Abiodun to the Ogun State House of Assembly, later on Thursday, it could also not be confirmed what the huge cash was meant for.
The Mini bullion van, with registration number X Pilot 13 attached to the office of the Director of finance and Administration, was attacked on Wednesday, with the Director, Taiwo Oyekan, losing his life in the process.
A statement by the Ogun State Police Public Relations Officer, Omolola Odutola, after the incident, confirmed that the robbers shot Oyekan on his two laps.
He was also reportedly injured in his private part while he was rushed to the hospital before giving up the ghost.
The bullion van, conveyed the huge amount of money without police escort.
“The bullion van, registered under the number X pilot 13, was transporting the Director of Finance, Taiwo Oyenekan, along with the driver, Olalekan Akintoye, and Peter Samson.
"It is worth noting that the bullion van was lacking security escort at the time of the incident.
The Supreme Court has ruled that both the old and the new naira notes of N200, N500 and N1,000 remain valid legal tenders until further notice.
In a ruling by a seven-man panel led by Inyang Okoro on Wednesday, the apex court ordered the old and the redesigned naira notes to be in circulation beyond December 31, 2023.
The Court made the order following the hearing of the application of the Federal Government moved by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi.
President Bola Tinubu-led administration on November 21, had filed an application before the Supreme Court seeking an extension for the old naira notes to remain as legal tender.
Recall that the apex court had nullified on March 3 the restriction on the use of the old N200, N500, and N1000 banknotes as valid legal tenders by the President Muhammadu Buhari-led administration.
The Court held that the old naira notes should be used alongside the redesigned currencies until the end of the year.
In its lead judgment that was prepared and delivered by Emmanuel Agim, the apex court knocked the FG for unilaterally introducing the demonetisation policy through the Central Bank of Nigeria, CBN.
It faulted the CBN for embarking on such development without consulting the Council of States, the Federal Executive Council, the National Security Council, the National Economic Council, Civil Society Organizations and other relevant stakeholders.
Federal government has pegged Nigeria’s budget deficit for the 2024 fiscal year at N9.18 trillion.
Speaking on Wednesday during the presentation of the proposed N27 trillion 2024 budget at the national assembly, President Bola Tinubu said the deficit represents 3.88 percent of Nigeria’s gross domestic product (GDP).
The president said the N9.18 trillion deficit is lower than the “N13.78 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,” he said.
Tinubu said the government also projected that inflation will moderate to 21.4 percent in 2024, noting that the country is currently reviewing its 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,” he said.
The president said the country is also exploring public-private partnership arrangements to finance critical infrastructure.
He, therefore, invited 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”.
“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,” he said.
“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.”
In addition, Tinubu promised that efforts would be made to further contain financial leakages through the effective implementation of key public financial management reforms.
He said the top priorities of the ‘2024 Budget of Renewed Hope’, include national defence and internal security, local job creation and macroeconomic stability.
The president also 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”.