President Tinubu’s Ambitious Budget and Reform Agenda

Nigeria’s President, Bola Ahmed Tinubu, has outlined his first budget since taking office and launched an ambitious reform agenda. The proposed budget aims to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, poverty reduction, and greater access to social security.

Nigeria faces challenges such as a tripling of fuel prices and higher food costs after Tinubu ended a fuel subsidy and floated the naira currency.

However, he insists that these negative impacts will be temporary and calls for patience. The government plans to expand a scheme to provide targeted cash transfers to poor and vulnerable households.

Inflation in Nigeria has risen to over 27% over the past year, but the government expects it to come down to 21.4% in 2024.

The country also faces security challenges from jihadists and bandit militias. The government aims to reduce its budget deficit from 6.1% of GDP this year to just under 3.9% in 2024.